Question: Imp entered into the first forward contract to hedge a purchase of inventory in November 2010, payable in March 2011. At December 31, 2010, what

Imp entered into the first forward contract to hedge a purchase of inventory in November 2010, payable in March 2011. At December 31, 2010, what amount of foreign currency transaction gain from this forward contract should Imp include in net income?

a. $0

b. $ 3,000

c. $ 5,000

d. $10,000

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