Matthias Corp. had the following foreign currency transactions during 2020: Purchased merchandise from a foreign supplier on January 20 for the U.S. dollar equivalent of $69,100 and paid the invoice on April 20 at the U.S. dollar equivalent of $52,200. On September 1, borrowed the U.S. dollar equivalent of $301,000 evidenced by a note that is payable in the lender's local currency in one year. On December 31, the U.S. dollar equivalent of the principal amount was $329,000. In Matthiass 2020 income statement, what amount should be included as a net foreign exchange gain or loss?

Multiple Choice

$44,900 loss

$16,900 gain

$28,000 gain

$11,100 loss