Forward Rate for Spot Rate August 16, 2020 Delivery May 16, 2020 une 30, 2020 August 16, 2020 $1.380 1.390 $1.375 1.388 1.400 On May 16, 2020, a U.S. company takes delivery of 100,000 in merchandise from a U.K. supplier. The company will pay the supplier 100,000 on August 16. On May 16, the company also enters a forward contract to buy 100,000 on August 16, 2020. On August 16, the company purchases 100,000 using the forward contract, and pays the supplier. The company's accounting year ends June 30, and it sells the merchandise in September 2020 What is the net effect on fiscal 2020 income of exchange rate changes due to the purchase and the forward contract? a) $2,300 net loss b) no effect c) $300 net gain d) $300 net loss