On May 20 , when the exchange rate was $1.35/, a U.S. company purchased merchandise from a U.K. supplier for 10,000 and paid for the merchandise on June 5 , when the exchange rate was $1.38/E. On August 15 , when the exchange rate was $1.13/6, the U.S. company sold the merchandise to a customer in Belgium at an invoice price of 16,000. On September 6 , when the exchange rate was $1.15/, the U.S. company received payment of 16,000 from the Beigian customer. The U.S. company's accounting year ends December 31. What is the U.S. company's net exchange gain or loss for the year? Select one: a. $20 gain b. $20 loss c. $620 loss d. $620 gain