foreign exchange

11. 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.