On July 1, 20X1, 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, 20X1, Maple, anticipating a strengthening of the yen on the October 29, 20X1, settlement date, entered into a 120-day forward contract to purchase 490,000 at a forward exchange rate of 1 = $0.105. 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 Forward Rate Date Spot Rate (to October 29, 20X1) July 1, 20X1 $0.102 $0.105 August 30, 20X1 $0.104 $0.1055 October 29, 20X1 $0.106 What amount of foreign currency transaction gain or loss would Maple report on its income statement for year 20X1? O $250 gain O $735 loss O $1,000 loss O $980 loss Previous