On November 12, Higgins, Inc., a U.S. Company, sold merchandise on credit to Kagome of Japan at a price of 3,400,000 yen. The exchange rate was $0.00856on the date of sale. On December 31, when Higgins prepared its financial statements, the exchange rate was $0.00862. Kagome paid in full on January 12,when the exchange rate was $0.00880. On January 12, Higgins should prepare the following journal entry: A) Debit Cash $29,920; credit Accounts Receivable-Kagome $29,104; credit Foreign Exchange Gain $816. B) Debit Cash $29,104; debit Foreign Exchange Loss $816; credit Accounts Receivable-Kagome $29,920. C) Debit Cash $29,308; credit Accounts Receivable-Kagome $29,104; credit Foreign Exchange Gain $204. D) Debit Cash $29,104; debit Foreign Exchange Loss $204; credit Accounts Receivable-Kagome $29,308. E) Debit Cash $29,920; credit Accounts Receivable-Kagome $29,308; credit Foreign Exchange Gain $612.