On October 25, 2020, a U.S. company sold merchandise on credit to a customer in Spain at an invoice price of 1,000, when the exchange rate was $1.25/. On December 31, 2020, the U.S. company's year-end, the exchange rate was $1.257/. On February 1, 2021, when the exchange rate was 1.23, the U.S. company received 1,000 in payment for the merchandise. The U.S. company's exchange gain or loss for 2020 is

	A.	$20 gain
	B.	$7 loss
	C.	$20 loss
	D.	$7 gain