On November 16, 2019, a U.S. company makes a sale to a customer in Germany. Under the sale terms, the customer will pay the company 100,000 on March 16. On November 16, the company also enters a forward contract to sell 100,000 on March 16, 2020. On March 16, the company receives 100,000 from the customer and sells it using the forward contract. The company's accounting year ends December 31. Rates on the dates specified appear below: Forward Rate for Spot Rate March 16, 2020 Delivery November 16, 2019 $ 1.250 $ 1.248 December 31, 2019 1.260 1.255 March 16, 2020 1.265 1.265 What is the net effect on 2020 income of exchange rate changes due to the sale and the forward contract? Select one: O A. $500 net loss B. no effect O C. $1,500 net gain D. $500 net gain O O