On January 1, 2026, CLX Company purchased a 1-year at the money FX call

option from an FX trader involving 2,000,000 foreign currency units (FCUs)

at a cost of P 16,000. The exercise price was P25, the option was obtained to
hedge CLX’s budgeted 2026 import purchases from French vendors. Actual
purchases from French vendors for the first three months of 2026 were
500,000 FCU’s. At March 31, 2026, the direct spot rate was P 0.292 and the
option’s market value was P96,000. What amount is reported in Other
Comprehensive Income at March 31, 2026 assuming the CLX has resold 50%
of the inventory received in the first quarter?

a) P 20,000
b) P 70,000
c) P 60,000
d) P 0
e) P 80,000