Lowland Inc. had a receivable from Holberg, a foreign company, that is due in the local currency of the customer (euros). On December 31, 2016, the receivable is for $200,000 was correctly included in Lowland's balance sheet at $132,000. When the receivable was collected on March 15, 2017, the U.S. dollar equivalent was $144,000. In Lowland's 2017 consolidated income statement, how much should have been reported as a foreign exchange gain?

a $48,000

b $12,000

c $0

d $36,000

e $10,000