1. The following data apply to Confidence Company's purchase of 45,400 Belgium francs under a forward contract dated November 2, 2019 for delivery on January 31, 2020: 11/2/2019 12 /31 /2019 01 /31 /2020 Spot Rates P55.75 P53.90 P54.50 30-day forward rate P51.30 P56.15 P53.20 60-day forward rate P57.65 P52.30 P55.75 90-day forward rate P54.25 P55.45 P52.10 Confidence entered into the forward contract to speculate in the foreign currency. a. In its income statement for the year-end 2019, what amount of gain/loss should Confidence report from this forward contract? 86,260 Gain