Hodge Co., a company Incorporated in the United States, sold merchandise to its Korean customer, Bison Co., on 12/16/2021. Bison will pay 20 million Korean won to Hodge Co. on 01/15/2022. The following exchange rates applied: Date 12/16/2021 12/31/2021 01/15/2022 Spot Rate $0.00082 0.00080 0.00086 Forward Rate to Jan.15 $0.00089 0.00083 0.00086 Assume that a forward contract was entered into on 12/16/2021 as a fair value hedge, what would be the net foreign exchange gain or loss on Hodge's 2021 income statement. Note: Hodge amortizes forward points using the straight-line method. (Ignore present values in your calculation). Multiple Choice a $800 loss a $700 gain a $600 gain.