Answer is B)16,000

oration had the following foreign currency foreign supplier on January 20, 20X2, for the U.S 1. Foreign Currency Transactions. The Donald Frump Corp transactions during 20X2. First, it purchased merchandise from a dollar equivalent of $100,000. The invoice was pa Second, on July 1, 20x2, Frump borrowed the U.S. dollar equivalent of S500,000 evidenced by a note that was id on March 20, 20X2, at the U.S. dollar equivalent of $103,000 payable in the lender's local currency on July 1, 20X4 Op December 31, 20X2 the US. dollar equivalents of th principal amount and acrued interest were S515,000 and $23,000, respectively. Interest on the note is 10 percent per annum. In Frump's 20X2 income statement, what amount should be included as a foreign exchange loss? a. $14,000 loss b. $16,000 loss c $18,000 loss $20,000 loss None of the above