On December 1,2014,a U

On December 1,2014,a U.S.company sold merchandise to a foreign company for 750,000 francs.The payment in francs is due on January 31,2015.The spot rate was as follows: $.20 per franc on December 1,2014;$.19 per franc on December 31,2014;and $.21 per franc on January 31,2015 when the payment was received.Which of the following incorrectly describes the accounting for this foreign currency transaction?

A) The receivable was recorded at $150,000 on December 1,2014.
B) The receivable was recorded at $142,500 on December 31,2014 balance sheet.
C) The foreign currency transaction gain included on the income statement for the year ending December 31,2014 was $7,500.
D) The foreign currency transaction gain included on the income statement for the year ending December 31,2015 was $15,000.