Problem 9-31 (LO 9-4) Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2015, with payment of 26,000 korunas to be received on March 1, 2016. Brandlin enters into a forward contract on December 1. 2015 to sell 26,000 korunas on March 1, 2016. Relevant exchange rates for the koruna on various dates are as follows: Rate Spot (to March 1 Rate 2016) Date December 1, 2015 S$3.775 December 31,2015 3.80 March 1, 2016 3.70 3.900 3.95 NIA Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare f financial statements at