On April 1, 2020, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1, 2021. The dollar value of the loan was as follows:

Date	Amount
April 1, 2020	$	97,000
December 31, 2020		103,000
April 1, 2021		105,000

How much foreign exchange gain or loss should be included in Shannons 2020 income statement?

Multiple Choice

• $3,000 gain.

• $3,000 loss.

• $6,000 loss.

• $7,000 gain.