Recognizing foreign currency exchange losses On November 2, 2018, a U.S.-based company with the SUS as its functional currency entered into a 90-day futures contract to purchase 90,000 Swiss francs when the contract quote was $1.10. 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 December 31, 2018 January 31, 2019 $1,04 $1.05 $1.06 $1.07 $1,08 $1.09 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$5,400 O$4,500 O$3.600 O$1,800