Heavy Company sold metal scrap to a Brazilian company for 200,000 Brazilian reals on December 1, 20X8, with payment due on January 20, 20X9. The exchange rates were:

December 1, 20X8	1 real	=	$	0.5435
December 31, 20X8	1 real	=		0.5192
January 20, 20X9	1 real	=		0.5305

Based on the preceding information, what is the Heavy's overall net gain or net loss from its foreign currency exposure related to this transaction?

Multiple Choice

• $4,860 loss

• $2,600 loss

• $9,018 gain

• $2,260 gain