channey on January 1, 2020, Brands Inc. entered into a forward contract to purchase $200,000 US for $256,000 CAD on June 30, 2020. On March 31, 2020, the exchange rate is 1.25 CAD : $1 USD Assume no entries were made and you have been asked to prepare any required journal entry then for Brands Inc., regarding this forward contract as at March 31, 2020. You would provide one of the following: No entry required. a. b. Derivative-forward contract asset DR....6,000 Gain CR....6,000 c. Loss DR....6,000 Derivative-forward contract liability CR....6,000 d. Loss DR....7,680 Derivative-forward contract liability CR....7,680 e. Derivative-forward contract asset DR....5,000 Gain CR....5,000 a. No entry required. O b. Derivative-forward contract asset DR....$6,000; Gain CR....6,000 O C. Loss DR....$6,000; Derivative-forward contract liability CR....$6,000. O d. Loss DR....$7,680; Derivative-forward contract liability CR....$7,680. e. Derivative-forward contract asset DR....5,000; Gain CR....$5,000