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: Amount $ 97,000 Date April 1, 2020 December 31, 2020 April 1, 2021 103,000 105,000 How much foreign exchange gain or loss should be included in Shannon's 2021 income statement? Multiple Choice X $8,000 loss. $2,000 loss. $2,000 gain. O $1,000 loss. o $1,000 gain