Betsen purchased inventor},F on December 1, 2312. Payment of 2III,IlIlU stickies was to be made in sixty days. Also on December 1, Beisen signed a contract to purchase 2UU,ll in sixty days. The spot rate was 1 = .35214, and the L'Idaj,r forward rate was 1 = $38462. On December 31, the spot rate was 1 = 34483 and the EllIda}.r forward rate was 1 = .33158. assume an annual interest rate of 12% and a iair value hedge. The present value for one month at 12% is .9931. In the journal entry to record the establishment of a forward exchange contract, at what amount should the Forward Contract account be recorded on December 1? A. $21,428. B. $213,924. C. 5588. D. 5582. E. $0, since there is no cost, there is no value for the contract at this date