Item Information & Statement (d) Information: A NZ importer recognised an accounts payable US$100,000, to be settled one month later. The spot exchange rate was 1$NZ = US$0.63. At the same time the importer entered into a one-month forward contract to fair value hedge the exchange rate risk associated with the accounts payable. The forward contract has a contract amount US$100,000 and forward rate 0.6. On settlement date, the spot exchange rate is 0.7. Statement: Therefore, the fair value of the forward contract on settlement date will be net forward asset NZ$23,810. Rewrite: T/F