On September 3, 20X8, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10. The exchange rates were: What entry is required to revalue foreign currency payable to U.S. dollar equivalent value on October 10?

A. Foreign Currency Transaction Loss 1,000

Accounts Payable (SFr) 1,000

B. Accounts Payable (SFr) 850

Foreign Currency Transaction Gain 850

C. Foreign Currency Transaction Loss 850

Accounts Payable (SFr) 850

D. Accounts Payable (SFr) 1,000

Foreign Currency Transaction Gain 1,000