On November 10, 20x7, Xiomai entered into a 60-day FX forward involving 50,000 foreign currency units to hedge firm sales commitment. Xiomai shipped the inventory on January 9, 20x8. Direct exchange rates on the respective dates are as follows: Spot rate Forward rate (for Jan 30, 20x8) Nov 10, 20x7 P 0.94 P 0.96 Dec 31, 20x7 0.92 0.93 Jan 9, 20x8 0.91 0.91 What is the FX gain or loss to be reported in earnings for 20x7 on the FX forward