On August 1, 20X1, an American firm purchased a machine costing 200,000,000 yen from a Japanese firm to be paid for on October 1, 20X1. Also on August 1, 20X1, the American firm entered into a contract to purchase 200,000,000 yen to be delivered on October 1, 20X1, at a forward rate of 1 Yen = $0.00783. The exchange rates were as follows: Spot August 1, 20X1 1 Yen = $0.00781 August 31, 20X1 1 Yen = $0.00777 October 1, 20X1 1 Yen = $0.00779 Which of the following statements is incorrect concerning the accounting treatment of these transactions? a. The machine's final recorded value was $1,558,000. b. The beginning balance in the accounts payable was $1,562,000. c. An exchange gain on the accounts payable of $4,000 was recognized on October 1, 20X1. d. The value of the accounts payable just before payment, on October 1, 20X1, was $1,558,000