On November $1,2023,$ Cheng Company $($a U$.$S$.-$based company$)$ forecasts the purchase of goods from a foreign supplier for $100,000$ yuan. Cheng expects to receive the goods on April $30,2024,$ and make immediate payment. On November $1,2023,$ Cheng enters into a six$-$month forward contract to buy $100,000$ yuan. The company properly designates the forward contract as a cash flow hedge of a forecasted foreign currency transaction. Forward points are excluded in assessing hedge effectiveness and are amortized to net income using a straight$-$line method on a monthly basis over the life of the contract. The following U$.$S$.$ dollar$-$Yuan exchange rates apply:

$\backslash$table$[[,,$Forward Rate $($to April$],[$Date$,$Spot Rate,$30,2024)],[$November $1,2023,$$$0\mathrm{.}21,$$$0\mathrm{.}195$