Car Corp. (a U.S.-based company) sold parts to a Japanese customer on December 1, 2020, with payment of 10 million Japan

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Car Corp. (a U.S.-based company) sold parts to a Japanesecustomer on December 1, 2020, with payment of 10 million Japaneseyen to be received on January 31, 2021. The followingexchange rates applied:
Assuming a forward contract was entered into, what would be thenet impact on Car Corp.'s 2020 income statement related to thisforeign currency transaction? Assume an annual interest rate of 12%and a fair value hedge. The present value for one month at 12% is.9901.
A. $ 295.05 (loss).
B. $ 300 (gain).
C. $ 300 (loss).
D. $ 700 (gain).
E. $ 700 (loss).