Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2019, with payment of 1 million Korean won to be received on January 15, 2020. The following exchange rates applied:

Date	Spot Rate	Forward Rate
Dec. 16, 2019	$0.0092	$0.0098
Dec. 31, 2019	$0.0090	$0.0093
Jan. 15, 2020	$0.0095	N/A

Assuming a forward contract was entered into on December 16, how would the forward contract be reflected on Cars balance sheet produced on January 15, 2020?

Group of answer choices

$200 asset

$500 asset

$300 liability

$300 asset

$500 liability