On December 1, 2020, Syc Inc. acquired a 90-day speculative forward contract to sell 200,000 euros at a forward rate of 1 euro = $0.58. The rates are as follows: Spot Rate Forward Rate for March 1 December 1, 2020 1 euro = $0.60 1 euro = $0.58 December 31, 2020 1 euro = $0.59 1 euro = $0.56 March 1, 2021 1 euro = $0.57 The effects of the speculation on the 2020 and 2021 income before income taxes are: Speculation Gain of $2,000 in 2020; Speculation Loss of $2,000 in 2021 Speculation Gain of $2,000 in 2020; Speculation Gain of $4,000 in 2021 Speculation Gain of $4,000 in 2020; Speculation Loss of $2,000 in 2021 Speculation Gain of $4,000 in 2020; Speculation Gain of $2,000 in 2021