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Car Corp. (a U.S. based company) sold parts to a Korean customer on December 16, 2018, with payment of 10milion Korean won to be received

Car Corp. (a U.S. based company) sold parts to a Korean customer on December 16, 2018, with payment of 10milion Korean won to be received on January 15, 2019. The following exchange rates applied: Date Spot Rate Forward Rate to Jan. 15 Dec. 16, 2018 $0.00092 $0.00098 Dec. 31, 2018 $0.00090 $0.00093 Jan. 15, 2019 $0.00095 $0.00095 Assuming a forward contract was entered into on December 16, what would be the net impact on Car Corp.s 2018 income statement related to this transaction? Assume an annual interest rate of 12% and a fair value hedge. The present value for one half month at 12% is 0.9950

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