On July 1, 2017, Mifflin Company borrowed 270,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2018. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

Date	Amount
July 1, 2017 (date borrowed)	$	260,000
December 31, 2017 (Mifflins year-end)		254,000
July 1, 2018 (date repaid)		242,600

In its 2018 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note?

Multiple Choice

• $17,400 gain

• $17,400 loss

• $11,400 gain

• $11,400 loss