Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2011, with payment of 10 million Korean won to be received on January 15, 2012. The following exchange rates applied:

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15. Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2011, with payment of 10 million Korean won to be received orn January 15, 2012. The following exchange rates applied: Date December 16, 2011 December 31, 2011 January 15, 2012 Spot Rate $ 00092 00090 00095 Forward Rate to Jan.15 S 00098 00093 00095 Assuming a forward contract was entered into, what would be the net impact on Car Corp.'s 2011 income statement related to this transaction? Assume an annual interest rate of 12% and a fair value hedge. The present value for one month at 12% is .9901 A. S700 (gain) B. S700 (loss) C. S300 (gain) D. S300 (loss) $295 (gain)