ABC Company enters into a foreign currency fair value hedge to hedge its exposure to pesos from several transactions completed in Mexico. During the year, the company had a $17,000 loss from the foreign currency fair value hedge along with a $12,000 gain on the underlying hedged currency. Assuming that the derivative transaction is deemed highly effective and that the transaction will be fully settled the following year, how would the above derivative transaction activity be recorded on ABC Company's financial statements in the current year? $5,000 net loss in current earnings. $5,000 net loss in other comprehensive income. $12,000 gain in current earnings and $17,000 loss in other comprehensive income. $17,000 loss in current earnings and $12,000 gain in current earnings.