On September 1, 2019, a U.S.-based company with the $US as its functional currency purchased merchandise for 14,000 units of the foreign companys local currency. On that date, the spot rate was $1.42. The U.S.-based company paid the bill in full on February 10, 2020, when the spot rate was $1.39. The spot rate was $1.38 on December 31, 2019.

What amount should the U.S.-based company report as a foreign currency transaction gain (loss) in its income statement for the year ended December 31, 2019?