On Sept 22, Year 4, Yumi Corp, purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company's local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, year 5, when the spot rate was $.65. The spot rate was $.70 on December 31, year 4. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended Dec 31, year 4?

a) 0

b) 500

c) 1000

d) 1500