A Foreign-Currency Transaction Gain or Loss on a Credit Purchase

A foreign-currency transaction gain or loss on a credit purchase is calculated as the difference between the exchange rates on the date:

A) the merchandise is ordered and the date it arrives.
B) the merchandise is purchased and the date it is sold.
C) of the purchase and the date of cash payment for the purchase.
D) the merchandise is ordered and the date payment is made for the merchandise.