On October $25,2020,$ a U$.$S$.$ company sold merchandise on credit to a customer in Spain at an invoice price of $1,000,$ when the

exchange rate was $$\frac{1\mathrm{.}25}{}.$ On December $31,2020,$ the U$.$S$.$ company's year$-$end, the exchange rate was $$\frac{1\mathrm{.}257}{}.$ On February $1,$

$2021,$ when the exchange rate was $1\mathrm{.}23,$ the U$.$S$.$ company received $1,000$ in payment for the merchandise.

The U$.$S$.$ company's exchange gain or loss for $2021$ is

$$20$ gain

$$20$ loss

$$27$ gain

$$27$ loss