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On December 1, 2021. Joseph Company, a U.S. company, entered into a three-month forward contract to purchase 50,000 pesos on March 1, 2022, as a fair value hedge of a foreign currency denominated account payable. The following U.S. dollar per peso exchange rates apply. Date December 1, 2021 December 31, 2021 March 1, 2022 Forward Rate (Mar. 1, Spot Rate 2022) $0.092 $ 0.105 0.090 0.095 0.089 N/A Which of the following is included in Joseph's December 31, 2021 balance sheet for the forward contract? Multiple Choice $500 asset $5.250 liability $650 liability