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On Docember 1, 2020, Venice Compary (a U.S.-based compary) entered into a three-month forward contract to purchnse 1,200,0o0 pesos on March 1. 2021. The following U.S. dollar per peso exchange rates apply: Ignoring present values, Which of the following correctly describes the manner in which venice Company will report the forward contract on its December 31,2020 , balance sheet? Multiple Choice As an asset in the amount of $2,400 As a liability in the amount of $2,400 As an asset in the amount of $1,200 As a liability in the amount of $1,200 On December t, 2020, venice Company (o US-based company) entered into a three-month forward contract to purchure 1,200,000 peoos on Macch 1. 202t The following US, dollar per peso exchange rates apply: Ignoring present values, Which of the following correctly describes the manner in which Venice Company will report the forward contract on its December 31, 2020, balance sheet? Mulipie Cholce As an asset in the amount of 52,400 An a liablity in the amount of 52,400 As an asset in the amourt of $1,200 As a liebility in the amount of $1.200