Grete Corp. has the following foreign curency trancactions during 2011:
purchased merchandise from a foreign supplier on January 20, 2011 for the U.S. Dollar equivalent of $60,000 and paid the invoice on April 20, 2011 at the U.S. Dollar equivalent of $68,000.
On September 1, 2011, borrowed the U.S. dollar equivalent of $300,000 evidenced by a note that is payable in the lender's local currency on September 1, 2012. On December 31, 2011, the U.S. dollar equivalent of the principal amount was $320,000.
In Grete's 2011 income statement, what amount should be included as a foreign exchange loss?