IMR Co. manufactures products that are sold mainly to Canadian customers. However, to increase its operations, IMR is considering expanding sales to Europe. On December 20, 20X5, IMR sold 12,000 of product to a customer in Europe. On January 20, 20X6, the customer paid the invoiced amount of 12,000. Exchange rates were as follows: December 20, 20X5 1 = $1.35 December 31, 20X5 1 = $1.38 January 20, 20X6 1 = $1.36 What is the amount of exchange gain or loss that would be reported on the statement of comprehensive income for the year ended December 31, 20X5, related to this transaction?

a) $360 loss b) $120 loss c) $120 gain d) $360 gain