Panthers Corp., a U.S. importer of wine, placed an order with an Italian wine producer for 1,000,000 bottles, at a price of Euro 15 per bottle. Relevant exchange rates are:

Date	Spot Rate	Forward Rate (to January 31, 2022)	Call Option Premium for January 31, 2022 (strike price $1.119)
1-Nov-21	$ 1.119	$ 1.125	0.005
31-Dec-21	1.123	1.130	0.007
31-Jan-22	1.121	1.121	0.002

Panthers has an incremental borrowing rate of 12 percent (1 percent per month) and prepares the financial statements on December 31.

Required:

e) Summarize the difference in income under the alternative scenarios.