On April 1,2017,Manatee Company entered into two forward exchange contracts to purchase 300,000 euros each in 90 days.The relevant exchange rates are as follows: 
The first forward contract was to hedge a purchase of inventory on April 1,payable on December 1.On April 30,what amount of foreign currency transaction loss should Manatee report in income?
Definitions:
Electromagnet
A type of magnet where the magnetic field is produced by an electric current, typically involving a wire coil.
Volts-per-turn Principle
The volts-per-turn principle relates to the design of electromagnetic coils, stating that the induced voltage in a coil is proportional to the rate of change of magnetic flux linkage per turn of the coil.
Electro-magnetic Induction
A phenomenon where an electric current is induced in a conductor when it is exposed to a changing magnetic field.
Core Material
The material used in the magnetic core of electrical devices like transformers and inductors, influencing their efficiency and performance.
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