Multiple Choice:

Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2013, with payment of 10 million Korean won to be received on January 15, 2014. The following exchange rates applied: Assuming a forward contract was entered into, how would the forward contract be reflected on Car's December 31, 2013 balance sheet? Forward contract (asset), Forward contract (liability). Foreign currency (asset). Foreign currency (liability). Foreign exchange (liability)