Assume that today is July 1. An American company makes a sale for which it will receive 1 million yens on September 30. The firm intends to convert the yens into dollars. The comapny decides to hedge its yen position by entering into a yen forward contract. The current spot rate is 110 yens per dollar, and the 3-month forward rate is 115 yens per dollar.

Suppose on September 30, the spot rate turns out to be 120 yens per dollar. Calculate the company's dollar gain or loss on the spot position.