On September 1, 2017, Apex Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows: Spot rate Forward Rate For Dec. 1, 2017 September 1, 2017 1.46 1.47 September 30, 2017 (year-end) 1.50 1.48 The first forward contract was to hedge a purchase of inventory on September 1, payable on December 1. On September 30, what amount of foreign currency transaction loss should Apex report in income?