Cocoa Inc is a U.S.-based company. Cocoa sold merchandise to a Korean customer on December 5, 2021, with payment of 5 million Korean won to be received on January 15, 2022. The following spot rates applied:

December 5, 2021 $.00093

December 31, 2021 $.00091

January 15, 2022 $.00095

The following Forward Rates applied

December 5, 2021 $.00097

December 31, 2021 $.00093

January 15, 2022 $.00095

Assuming a forward contract was entered into on December 10, 2021, at what amount should the forward contract be recorded at December 31, 2021? Assume an annual interest rate of 12% and a fair value hedge. The present value for one month at 12% is .9901.