MNC Corp. (a U. S. based company) sold parts to a South Korean customer on December 1, 2009, with payment of 10 million South Korean won to be received on March 31, 2010. The following exchange rates apply: Forward Rate Date Spot Rate (to Mar 31, 2010) 1-Dec-09 0.0035 0.0034 31-Dec-09 0.0033 0.0032 31-Mar-10 0.0038 NA Assuming that MNC did not enter into a forward contract, how much foreign exchange gain or loss should it report on its 2011 income statement with regard to this transaction? $ 5,000 gain. $ 3,000 gain. $ 2,000 loss. $ 1,000 loss. Assuming that MNC entered into a forward contract to sell 10 million South Korean won on December 1, 2011, as fair value hedge of a foreign currency receivable, what is the net impact on its net income in 2011 resulting from a fluctuation in the value of the won