On July 1, 2020, Stes Inc. borrowed the U.S. dollar equivalent of $300,000 evidenced by a note that was payable in the lender's local currency on July 1, 2022. On December 31, 2020, the U.S. dollar equivalent of the note payable and accrued interest on the note payable were $310,000 and $16,000, respectively. Interest on the note payable is 10% per year. In Stes's 2020 income statement, what amount should be reported as a foreign exchange loss? O $11,000 $10,000 $26,000 $ 16,000