On November 1, 2017, American Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of $500,000 foreign currency units (FCU). On November 1, American also entered into a forward contract to hedge the exposed asset. The forward rate is $0.70 per unit of foreign currency. American has a December 31 fiscal year-end. Spot rates on relevant dates were: Date November 1 December 31 March 1 Per Unit of Foreign Currency $0.73 0.71 0.74 The entry to record the forward contract is