1. STAR LAB Company sold merchandise for 30,000 pounds to a customer in London on December 1, 2020. Payment in British pounds was due on March 31, 2021. On the same date, the company entered into a 120-day forward contract to sell 30,000 pounds to Central City Bank. Exchange rates for one pound on different dates are as follows:
2. 
   

	December 1	December 31	March 31
Spot rates	81.4	82.3	82.0
30-day forward	82.3	82.9	83.2
60-day forward	82.8	82.7	82.6
90-day forward	81.6	82.6	83.4
120-day forward	82.5	82.8	82.5

 

How much is the foreign exchange gain reported on December 31, 2020 Income Statement?

Answer rating: 100% (QA)

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