Barbie Ltd is an Australian company that purchases inventories and specialised equipment from US suppliers. The company's functional currency is A$ and its financial year ends on 30 June 2020. The company entered various transactions denominated in US$ during the year. Relevant exchange rates are as follows. Spot Rate Forward rate for 31/8/2020 1 May 2020 A$1 = US $0.82 A$1 = US $0.80 30 June 2020 A$1 = US $0.77 A$1 = US $0.74 31 August 2020 A$1 = US $0.84 A$1 = US $0.84 On 1 May 2020, Barbie Ltd acquired inventories FOB from a US supplier for US$: $400,000 The invoice is paid in full on 31 August 2020. On 1 May 2020, Barbie Ltd entered a 4-month forward exchange contract to buy US$: $400,000 The forward exchange contract is settled on 31 August 2020. The forward contract is designated as a hedging instrument for a recognised liability. Which of the following is correct for the period ended 30 June 2020? Select one: O a. There is a gain taken to P&L in relation to the forward contract for: $40,541 O b. There is a gain taken to OCI in relation to the forward contract for: $40,541 c. There is a loss taken to P&L in relation to the forward contract for: $40,541 O d. No gain or loss in relation to the forward contract is recognised. O e. There is a loss taken to OCI in relation to the forward contract for: $40,541 Barbie Ltd is an Australian company that purchases inventories and specialised equipment from US suppliers. The company's functional currency is A$ and its financial year ends on 30 June 2020. The company entered various transactions denominated in US$ during the year. Relevant exchange rates are as follows. Spot Rate Forward rate for 31/8/2020 1 May 2020 A$1 = US $0.82 A$1 = US $0.80 30 June 2020 A$1 = US $0.77 A$1 = US $0.74 31 August 2020 A$1 = US $0.84 A$1 = US $0.84 On 1 May 2020, Barbie Ltd acquired inventories FOB from a US supplier for US$: $400,000 The invoice is paid in full on 31 August 2020. On 1 May 2020, Barbie Ltd entered a 4-month forward exchange contract to buy US$: $400,000 The forward exchange contract is settled on 31 August 2020. The forward contract is designated as a hedging instrument for a recognised liability. Which of the following is correct for the period ended 30 June 2020? Select one: O a. There is a gain taken to P&L in relation to the forward contract for: $40,541 O b. There is a gain taken to OCI in relation to the forward contract for: $40,541 c. There is a loss taken to P&L in relation to the forward contract for: $40,541 O d. No gain or loss in relation to the forward contract is recognised. O e. There is a loss taken to OCI in relation to the forward contract for: $40,541