You are a US company which makes toys. Recently you decided to expand the company internationally and you are going to start first in the European Union (EU). You will both produce some products there and also sell some products there. Your forecast for next year is below. In the forecast, any item marked as an EU item is actually the US dollar equivalent of Euro which has been translated at the EUR forward rate. Forward EUR fx rate: 1.17 (all numbers expressed as $USD '000) Refenues US revenues $5,000 EU revenues $5,000 Costs US Corporate costs ($1,000) US Research & development ($500) US capital investments ($100) US salaries ($2,000) EU salaries ($1,000) What is your hedge instrument gain or loss if you hedge 100% with forwards, and the actual FX rate next year is 1.30? $556 gain O ($556 loss) O ($444 loss) $444 gain