Gunther Co

Gunther Co. established a subsidiary in Mexico on January 1, 2011. The subsidiary engaged in the following transactions during 2011: What amount of foreign exchange gain or loss would have been recognized in Gunther's consolidated income statement for 2011?

A) $800,000 gain.
B) $760,000 gain.
C) $320,000 loss.
D) $280,000 loss.
E) $440,000 loss.