On Dec 1, 2015, XYZ (a US firm) entered into a transaction to import raw materials from EU country. The account is to be settled Mar 1, 2016 with the payment of 50,000 euros. The spot rate for euros on Dec 1 was $1.4/euro and on Mar 1 was $1.44/euro. What is the total amount of the transaction gain or loss to be included in net income? a. No gain or loss is recognized until the raw materials are sold O b. There is no gain or loss. The change in the value of the raw materials offsets the change in payable O c. $2,000 gain O d. $2,000 loss