Question 4 Not yet answered Marked out of 3.00 P Flat question Recognizing foreign currency exchange losses On November 2, 2018, a U.S.-based company with the US as its functional currency entered into a 90-day futures contract to purchase 100,000 Swiss francs when the contract quote was $1.11. The purchase was for speculation in price movement. The following exchange rates existed during the contract period: 30 Day Futures Spot Rate November 2, 2018 5105 51.06 December 31, 2018 $1.07 $1.09 January 31, 2019 51.08 $1.10 What amount should the U.S.-based company report as foreign currency exchange loss in its income statement for the year ended December 31, 2018? O$6,000 055.000 054.000 O$2,000