Valuation of forward contracts On April 6, 2019, a U.S. company enters a forward sale contract for delivery of 1,000,000 Brazilian real on October 6, 2019, at $0.56/real. On June 30, 2019, the company's accounting year-end, the forward rate for delivery of real on October 6, 2019, is $0.52/real. How is the forward contract reported on the U.S. company's June 30, 2019 balance sheet? Select one: $ 40,000 asset $560,000 asset $560,000 liability $ 40,000 liability