Levin company entered into a forward contract to speculate in the foreign currency. It sold 100,000 foreign currency units under a contract dated November 1, 20X8, for delivery on January 31, 20X9: 11/1/20X8 12/31/20X8Spot rates$0.035 $0.037 30-day forward rate 0.034 0.036 90-day forward rate 0.033 0.035 In its income statement for the year ended December 31, 20X8, what amount of loss should Levin report from this forward contract?
A. $100
B. $300
C. $0
D. $200
Answer: B
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