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:

	Spot Rate	Forward Rate for 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 2019 income of exchange rate changes due to the sale and the forward contract?

	A.	no effect
	B.	$1,700 net gain
	C.	$300 net loss
	D.	$300 net gain