On May $1,2024,$ Mosby Company received an order to sell a machine to a customer in Canada at a price of $2,000,000$ Mexican pesos. The machine was shipped and payment was received on March $1,2025.$ On May $1,2024,$ Mosby purchased a put option giving it the right to sell $2,000,000$ pesos on March $1,2025,$ at a price of $$190,000.$ Mosby properly designates the option as a fair value hedge of the peso firm commitment. The option cost $$3,000$ and had a fair value of $$3,200$ on December $31,2024.$ The following spot exchange rates apply:

Date Spot Rate May $1,2024$ $ $0\mathrm{.}095$ December $31,2024$ $ $0\mathrm{.}094$ March $1,2025$ $ $0\mathrm{.}089$

What was the overall result of having entered into this hedge of exposure to foreign exchange risk?