On November 2, 2018, a U.S.-based company with the $US as its functional currency entered into a 90-day futures contract to purchase 60,000 Swiss francs when the contract quote was $1.06. The purchase was for speculation in price movement. The following exchange rates existed during the contract period:
30 Day Futures Spot Rate
November 2, 2018 $1.00 $1.01
December 31, 2018 $1.02 $1.04
January 31, 2019 $1.03 $1.05
What amount should the U.S.-based company report as foreign currency exchange loss in its income statement for the year ended December 31, 2018?