Car Corp. (a U.S.-based company) sold parts to a Japanese customer on December 1, 2020, with payment of 10 million Japanese yen to be received on January 31, 2021. The following exchange rates applied:

Date	Spot rate	Forward rate to 01/31/21
December 1, 2020	0.00090	0.00093
December 31, 2020	0.00092	0.00098
January 31, 2021	0.00095	0.00095

Assuming a forward contract was entered into, what would be the net impact on Car Corp.'s 2020 income statement related to this foreign currency transaction? Assume an annual interest rate of 12% and a fair value hedge. The present value for one month at 12% is .9901.

A. $ 295.05 (loss).

B. $ 300 (gain).

C. $ 300 (loss).

D. $ 700 (gain).

E. $ 700 (loss).