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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

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 and fair value hedge accounting is applied, what would be the net impact on Car Corp.'s 2020 income statement related to this transaction?

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