On May 1, 2021, Mosby Company received an order to sell a machine to a customer in Canada at a price of 2,000,000 Mexican pesos. The machine was shipped and payment was received on March 1, 2022. On May 1, 2021, Mosby purchased a put option giving it the right to sell 2,000,000 pesos on March 1, 2022 at a price of $190,000. Mosby properly designates the option as a fair value hedge of the peso firm commitment. The option cost $3,000 and had a fair value of $3,200 on December 31, 2021. The following spot exchange rates apply: Spot Date Rate May 1, 2021 $0 . 095 December 31, $0 . 094 2021 March 1, 2022 $0 . 089 What was the impact on Mosby's 2021 net income as a result of this fair value hedge of a firm commitment?