On April 1, 2023, Shannon Company, a U.S. company, borrowed…

On April 1, 2023, Shаnnоn Cоmpаny, а U.S. cоmpany, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1, 2024. The dollar value of the loan was as follows: Date Amount April 1, 2023 $ 97,000 December 31, 2023 103,000 April 1, 2024 105,000 How much foreign exchange gain or loss should be included in Shannon’s 2023 income statement? $3,000 gain $3,000 loss $6,000 gain $6,000 loss $7,000 gain