On October 31, 2023, when the exchange rate was $0.75/S$, a U.S. company purchased merchandise from a Singapore supplier for S$10,000, and paid for the merchandise on January 15, 2024, when the exchange rate was $0.745/S$. On November 15, 2023, when the exchange rate was $0.80/C$, the U.S. company sold the merchandise to a customer in Canada at an invoice price of C$20,000. On January 31, 2024, when the exchange rate was $0.815/C$, the U.S. company received payment of C$20,000 from the Canadian customer. The U.S. companys accounting year ends December 31. The exchange rates at December 31, 2023, were $0.76/S$ and $0.78/C$.

For 2023, the U.S. company reports an exchange gain or loss of:

Select one:

a. $0

b. $300 loss

c. $500 loss

d. $500 gain