On November $1,2023,$ Cheng Company $($a U$.$S$.-$based company$)$ forecasts the purchase of goods from a foreign supplier for $130,000$ 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 $130,000$ 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$-$Yu$$n exchange rates apply:

$\backslash$table$[[$Date$,$Spot Rate,$\backslash$table$[[$Forward Rate $($to$],[$April $30,2024)]]],[$November $1,2023,$$$0\mathrm{.}24,$$$0\mathrm{.}225$