On 6/1/17, an American firm purchased inventory costing 100,000 Canadian Dollars from a Canadian firm to be paid for on 8/1/17. Also on 6/1/17, the American firm acquired an option for $1,500 to purchase 100,000 Canadian dollars for delivery on 8/1/17. The strike price for the option was $0.685. The exchange rates were as follows: Spot Option value 6/1/17 1 CD = $0.68 $1,500 6/30/17 1 CD = $0.70 $2,500 8/1/17 1 CD = $0.73 $4,500 The American firms fiscal year end is June 30, 2017. What is the net gain or loss recognized in the financial statements for the year ended June 30, 2017? a. $2,000 loss b. $0 c. $1,000 gain d. $1,000 loss