Question 14 (3 points) 4) Listen On November 10, 2009, King Co. sold inventory to a customer in a foreign country. King agreed to secept local currency units (CU) is full payment for this levestory. Payment was to be made on Feb 1, 2010. On December 1, 2009, King entered into a forward contract wherein the total paym To be received would be delivered to a currency broker in two months. Additiond information is followe Total payment in local cocy units (LCU) for the inventory 120,000 Ral Rate Don Nov. 10, 2009 Spet Rate Dec 1, 2009 2-Month Forward Ba Dec. 31, 2009 Spot Rate Feb. 1,2010 1-Month Forward Rate Spot Rale 30.28 10.30 10.32 10.34 $0.36 10.38 The present value factor for one month based on the company's borrowing 0.9901 Ame this hedge is designated as a cash flow hedge, what items relating to this transaction should the company report on its 2009 2010 ficial statement The reported reclassification adjustment for forward contract on its 2010 statement of comprehensive income should be $1,152 ($1,152) ($1,238) $1,238