On December 16, 2022, JJ Co. sold goods to a Korean firm for 5,000,000 won. JJ Co. was concerned about the fluctuation in the Korean currency so on this date, JJ co. entered into a 30-day forward contract to sell 5,000,000 won for P2,100,000 at a forward rate of P0.42.

Relevant rates are shown below:                                               Spot rate           Forward rate  December 16, 2022                   0.43                      0.42December 31, 2022                   0.44                      0.45January 15, 2022                       0.42                      0.40

How much is the forex gain/loss on foreign currency transaction on December 31, 2022?*

2 points

a. a debit to accounts receivable for ₱1,880,000b. a credit to sales for ₱1,880,000c. both a and bd. none