91. On November 1, 2008, A U.S. company sold merchandise to a foreign company for 375,000 francs. The payment in francs is due on January 31, 2009. The spot rate was as follows: $.20 per franc on November 1, 2008; $.21 per franc on December 31, 2008; and $.19 per franc on January 31, 2009 when the payment was received. Which of the following incorrectly describes the accounting for this foreign currency transaction?
D. The foreign currency transaction loss included on the income statement for the year ending December 31, 2009 was $3,750.