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Remsen Corp is a US manufacturer of auto parts with branch operations in France. On January 1, 2023 Remsen wishes to use a foreign currency option to hedge a 20,000,000 swiss franc denominated accounts payable that is due in two years. Jordan wishes to use fair value hedge accounting. Over the subsequent 4 quarters the following are the changes in the fair value of the accounts payable and the fair value of the foreign currency option hedge. Quarter ended March 31, 2023: Swiss franc payable increases by $400,000 Option hedge declines by $350,000 Quarter ended June 30, 2023: Swiss franc payable decreases by $500,000 Option hedge increases by $400,000 Quarter ended Sept. 30, 2023: Swiss franc payable decreases by $800,000 Option hedge increases by $700,000 Quarter ended Dec. 31, 2023: Swiss franc payable increases by $200,000 Option hedge decreases by $100,000 Answer the following questions: 3. Using one of the alternate criteria in your answer to #2 above, state your conclusion as to whether this is an effective hedge, meeting the FASB criteria. You must include a computation to support your conclusion. (1 point)