Tan, a money changer speculate in foreign currency as his business. On October 1, 2014, Tan bought a 180-day forward contract to purchase 5,000 FC at forward rate of FC1 = 56.50 when the spot rate was...

Tan, a money changer speculate in foreign currency as his business. On October 1, 2014, Tan bought a 180-day forward contract to purchase 5,000 FC at forward rate of FC1 = 56.50 when the spot rate was 56. Other exchange rate follows:

                                    Spot rate         Forward rate

December 31, 2014    56.30               56.60

March 31, 2015           56.32

The forex gain or (loss) recognized by Tan from this forward contract is:

A. (10,000)

B. (900)

C. 500

D. 1,500