On November $15,2023,$ when the spot rate is $$0\mathrm{.}12/$HK$$,$ a U$.$S$.$ company sells merchandise priced at HK$$1,000,000$ to a customer in Hong Kong. The spot rate is $$0\mathrm{.}128$ on December $31,$ the company$$s year$-$end. Payment of HK$$1,000,000$ is received from the customer on February $1,2024,$ when the spot rate is $$0\mathrm{.}123.$

What exchange gains and losses are reported in $2023$ and $2024$ income?

Select one:

a$.$

$20232024$$$8,000$ exchange loss$$5,000$ exchange gain

b$.$

$20232024$No effect$$3,000$ exchange loss

c$.$

$20232024$No effect$$3,000$ exchange gain

d$.$

$20232024$$$8,000$ exchange gain$$5,000$ exchange loss