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On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR), to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are:

December 5, 20X8	1 riyal =	$	0.265
December 31, 20X8	1 riyal =		0.262
January 10, 20X9	1 riyal =		0.264

Based on the preceding information, what was the overall foreign currency gain or loss on the accounts payable transaction?

Multiple Choice

• $300 loss

• $200 loss

• $100 gain

• $200 gain