On March 15, a US firm anticipates that it will need AUD 1 million in August to pay for its order of supplies from an Australian supplier. Consequently, it purchases a futures contract for this amount (for August 18 settlement). The contract was priced on March 15 at $0.63 per AUD. On July 15, the American firm realizes that it will not need to order the supplies any more. It consequently sells the contract to offset the contract it purchased in June (for August settlement). At this time the futures contract is priced at $0.60 per A$.
Show how much profit or loss was made on this futures transaction by the American company.