On November 1, 2020. Americo, a U.S. company with fiscal year-end on December 31 purchased inventory from a company in Spain for 30,000 euro () with payment due on February 1, 2021. The following foreign exchange rates are available: Spot Rate Forward Rate for 2/1/2021 Delivery November 1, 2020 $1.61 $1.59 December 31, 2020 $1.65 $1.62 February 1, 2021 $1.60 On March 4, 2021. Americo sold all the inventory bought from the Spain supplier for U.S. $70,000. Assume that to manage the foreign currency exposure, on November 1, 2020, Americo entered into a 90-day forward contract to purchase 30,000 on February 1, 2021. AmeriCo did not designate the forward contract as either a fair value hedge or a cash flow hedge. On February 1, 2021, when the forward contract is settled with the foreign currency dealer, what is the U.S. dollar amount that Americo should debit for Foreign Currency Units () and what is the U.S. dollar amount that AmeriCo should credit for Cash, respectively? A. $48,000 for Foreign Currency Units () and $48,000 for Cash B. $48,000 for Foreign Currency Units () and $47,700 for Cash C. $47,700 for Foreign Currency Units () and $47,700 for Cash D. $47.700 for Foreign Currency Units () and $48,000 for Cash