On August 1, 2019, when the spot rate was US$1 = C$1.02, Avery Corporation of Winnipeg, Manitoba, ordered equipment from an American supplier for US$250,000. Delivery was scheduled for the month of September, with payment in full on delivery. Upon placing the order, Avery immediately entered into a forward contract with its bank to purchase US$250,000 on September 15, 2019 at the forward rate of US$ C$1.01. The equipment was received on September 15, 2019, when the spot rate was US$ = C$0.99. Assume that the transaction was not hedged. Which of the following is the cost of the equipment in the September 30, 2019 financial statements? Multiple Choice $252,500 $252,500 $250,000 $255,000 $247,500