On December 1, 2018, BEN RICHARDS Company entered into three independent forward contracts to purchase US$1,200 in 90 days for delivery on March 1, 2019. The exchange rates available on various dates are as follows:

	Dec. 1	Dec. 31	Mar. 1
	2018	2018	2019
Selling spot rate	40.00	40.30	40.10
Buying spot rate	39.60	40.00	39.90
30-day forward selling rate	40.05	40.25	40.30
30-day forward buying rate	39.65	39.90	40.00
60-day forward selling rate	40.10	40.20	40.40
60-day forward buying rate	39.70	39.50	40.10
90-day forward selling rate	40.15	40.15	40.50
90-day forward buying rate	39.75	39.70	40.20

CONTRACT NO. 1

BEN RICHARDS entered into the first forward contract on December 1, 2018 to acquire US$1,200 for speculative purposes in anticipation for a gain. The currencies are to be delivered on March 1, 2019.

Determine the following

1. Gain or loss on derivative instrument on 2018 income statement

CONTRACT NO. 1

BEN RICHARDS entered into the first forward contract on December 1, 2018 to sell US$1,200 for speculative purposes in anticipation for a gain. The currencies are to be delivered on March 1, 2019.

The amount (in peso) the entity will receive from the broker on March 1, 2019.