On January 1, Year 1, SMC purchased raw materials from a French company. Year 1 with the payment of 50,000 euros. The spot rates and the forward rates on relevant dates are as follows: If SMC uses a forward contract to hedge the payable, what is the overall transaction gain or loss (on the AP and Forward) from using the hedge? A) $1,500 gain B) $1,500 loss C) $2,000 gain D) $2,000 loss