Question $9$

Assume that on January $15,2026,$ MAK enters into a contract to purchase US $$500,000$ for C $$550,000$ for delivery on January $15,2027.$ This contract is not a hedge. The exchange rate at MAK's December $31,2026,$ year$-$end was US $$1=$ C $$0\mathrm{.}95$ and the January $15,2027,$ exchange rate is US $$1=$ C$$0\mathrm{.}97.$ What is the foreign exchange gain or loss recognized at January $15,2027?$