On November 16, 2019, a U.S. company makes a sale to a customer in Germany. Under the sale terms, the customer will pay the company 100,000 on March 16. On November 16, the company also enters a forward contract to sell 100,000 on March 16, 2020. On March 16, the company receives 100,000 from the customer and sells it using the forward contract. The company's accounting year ends December 31. Rates on the dates specified appear below: Forward Rate for Spot Rate March 16, 2020 Delivery November 16, 2019 $ 1.250 $ 1.248 December 31, 2019 1.260 1.255 March 16, 2020 1.265 1.265 How will the company report the forward contract on its December 31, 2019 balance sheet? Select one: O A. $700 liability o B. $500 asset 0 C. $500 liability o D. $700 asset