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Use the following forward and spot prices for Canadian dollars (C$) to answer the question...

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Accounting

Use the following forward and spot prices for Canadian dollars (C$) to answer the question below. The prices are in U.S. dollars ($/C$).
Spot rate Forward rate for 4/15/17
delivery of Canadian dollars
November 15,2016 $0.9100 $0.9000
December 31,20160.97500.9600
March 1,20170.93000.9250
April 15,20170.95000.9500
On November 15,2016, a U.S. company takes delivery of merchandise costing C$1,200,000 from a Canadian supplier and records an account payable. On the same date, the company enters a forward contract locking in the U.S. dollar purchase price of C$1,200,000, for delivery on April 15,2017. The forward contract is closed and payment is made to the supplier on April 15,2017. The companys accounting year ends on December 31.
What is the net exchange gain or loss for 2017?
$18,000 gain
$30,000 loss
$12,000 loss
$30,000 gain

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