Exact Instruments sold equipment to a British research group at a price of 73,000 British pounds on December 1, 2014 with payment due in 90 days. Using the following exchange rates, what gain or loss from currency fluctuations should be recognized in 2014 and 2015, respectively?

Dec. 1, 2014	$1.78 per British pound
Dec. 31, 2014	$1.82 per British pound
Mar. 1, 2015	$1.77 per British pound

No gain or loss in 2014 and a $730 gain in 2015.

A $2,920 gain in 2014 and a $3,650 loss in 2015.

No gain or loss in 2014 and a $730 loss in 2015.

A $2,920 loss in 2014 and a$3,650 gain in 2015.