Delta Corporation (a U.S. company) has several transactions with foreign entities. On December 2, 20X1, Delta bought items from foreign company at a price of 40,000 yen when the direct exchange rate was 1 yen = $1.17. Delta made payment to the foreign company on December 20, 20X1, when the exchange rate had changed to 1 yen = $1.10. The foreign exchange gain or loss reported by Delta from this transaction will be:

a.		No gain or loss is reported
b.		$2,800 loss
c.		$2,800 gain