Lowell Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2018, with payment of 10 million Korean won to be received on January 15, 2019. The following exchange rates applied: Date Spot Rate Forward Rate to Jan.15 December 16, 2018 $ 0.00092 $ 0.00098 December 31, 2018 0.00090 0.00093 January 15, 2019 0.00095 0.00095 Assuming a forward contract was entered into on December 16, how would the forward contract be reflected on Lowells December 31, 2018 balance sheet? Assume an annual interest rate of 12% and a fair value hedge. The present value for one month at 12% is .9901. Multiple Choice Forward Contract (gain). Foreign currency (Loss). Forward contract (liability). Forward contract (asset). None of the above.