On July $1,20$X$1,$ Maple signed a contract to purchase equipment from a Japanese company for $490,000.$ The equipment was manufactured in Japan during August and was

delivered to Maple on August $30$ with payment due in $60$ days on October $29.$ On July $1,20$X$1,$ Maple, anticipating a strengthening of the yen on the October $29,20$X$1,$ settlement

date, entered into a $120-$day forward contract to purchase $490,000$ at a forward exchange rate of $1=$$$0\mathrm{.}105.$ The forward contract was designated as a fair value hedge of a firm

commitment. Relevant exchange rates for the yen on various dates are as follows

What amount of foreign currency transaction gain or loss would Maple report on its income statement for year $20$X$1?$

$$1,000$ loss

$$250$ gain

$$980$ loss

$$735$ loss