Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2019, with payment of 1 million Korean won to be received on January 15, 2020. The following exchange rates applied:

Date	Spot Rate	Forward Rate
Dec. 16, 2019	$0.0092	$0.0098
Dec. 31, 2019	$0.0090	$0.0093
Jan. 15, 2020	$0.0095	N/A

Assuming a forward contract was entered into on December 16 and fair value hedge accounting is applied, what would be the net impact on Car Corp.'s 2020 income statement related to this transaction?

Group of answer choices

$300 loss

$700 gain

$300 gain

$700 loss

$500 gain