On July 1, 2017, Mifflin Company borrowed 200,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2018. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

Date ............................................................................................Amount

July 1, 2017 (date borrowed) . . . . . . . . . . . . . . . . . . . . . . . . . $225,000

December 31, 2017 (Mifflin's year-end). . . . . . . . . . . . . . . .... 220,000

July 1, 2018 (date repaid) . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 210,000

In its 2018 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note?

a. $15,000 gain

b. $15,000 loss

c. $10,000 gain

d. $10,000 loss