May 1, when the spot rate is $1.10 and the forward rate for delivery on October 31 is $1.11, the company enters a forward contract to sell the spot rate is $1.11 and the forward rate for October 31 delivery is $1.13, and receives payment of C1,000,000 and closes the forward contract on October 31 , when the spot rate is $1.14. The company has a December 31 year-end. Sales revenue is reported on the company's income statement in the amount of: a. $1,110,000 b. $1,090,000 c. $1,140,000 d. $1,130,000 a. answer a b. answer b c. answerc d. answer d