Denver Incorporated, a U.S. company, bought machine parts from a German company on March 1, 20X1, for 40,000, when the spot rate for euros was $0.4850. Denver's year-end was March 31, when the spot rate was $0.4920. On April 20, 20X1, Denver paid the liability with 40,000 acquired at a rate of $0.4825. Denver's income statements should report a foreign exchange gain or loss for the years ended March 31, 20X1 and 20X2, of: O $280 gain in 20X1 and $100 loss in 20X2 $280 gain in 20X1 and $380 loss in 20X2 $280 gain in 20X1 and $0 gain in 20X2 O $280 loss in 20X1 and $380 gain in 20X2