Boeing, Inc. sold an airplane to Singapore Airlines for SGD100 million (Singapore dollars) with terms of one-year payment. The current spot rate $0.25 per SGD. Boeing expects to exchange SGD100 million at next years spot rate when payment is received. If the spot rate for the SGD declines to $0.24 one year from today, what is Boeings potential transaction gain or loss?

a. Transaction gain of $1 million

b. Transaction gain of $2 million

c. Transaction loss of $1 million

d. Transaction loss of $2 million