On $1$ April $2023$ Vision Inc, an Australian entity, purchases NZD$1\mathrm{.}8$ million of inventory from Maxco Limited, a New Zealand entity. The amount is payable on $1$ September $2023.$

$$ A forward exchange contract for the delivery of NZ$1\mathrm{.}8$ million is taken out with XNZ Bank on $1$ June $2023.$

$$ XNZ Bank requires a delivery of the foreign currency on $1$ September $2023.$

$$ Vision Inc. has a $30$ June end of reporting period. Assume a discount rate of $9$ per cent per annum.

$$ The relevant exchange rates are as follows:

Date Spot rate Forward rate

$1$ April $20230\mathrm{.}39$

$1$ June $20230\mathrm{.}360\mathrm{.}34$

$30$ June $20230\mathrm{.}350\mathrm{.}33$

$1$ September $20230\mathrm{.}310\mathrm{.}31$

Required:

Determine the gain or loss on the forward contract as at $1$ September $2023.$