On July 1, 2015, Houghton Company borrowed 280,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2016. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

Date: July 1, 2015 (date borrowed) Amount Borrowed: $235,000

Date: December 31, 2015 (Houghtons year-end) Amount: 300,000

Date: July 1, 2016 (date repaid) Amount: 310,000

In its 2016 income statement, what amount should Houghton include as a foreign exchange gain or loss on the note?

A. 75,000 gain

B. 10,000 gain

C. 10,000 loss

D. 75,000 loss