Brief, Inc., had a receivable from a foreign customer that is payable in the customer’s local currency. On December 31, 2023, Brief correctly included this receivable for 200,000 local currency units (LCU) in its balance sheet at $110,000. When Brief collected the receivable on February 15, 2024, the U.S. dollar equivalent was $120,000. In Brief’s 2024 consolidated income statement, how much should it report as a foreign exchange gain?
a. $–0–
b. $10,000
c. $15,000
d. $25,000