Hodge Co., a company incorporated in the United States sold merchandise to a 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 If a forward contract was not entered into, what would be the net impact on Hodge Co.'s 2021 income statement related to this transaction? Multiple Choice a $600 loss. 50 $400 loss