On December 1, 2023, Venice Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,290,000 pesos on March 1, 2024. The following U.S. dollar per peso exchange rates apply: Required: Ignoring present values, determine whether Venice Company should report the forward contract as an asset or as a liability on its December 31, 2023, balance sheet, and at what amount