Which of the following statements correctly describes the steps to record a forward contract based on a firm commitment with a cash flow hedge? Question 7 options: a) The forward contract is not adjusted after the initiation date until the settlement date. b) At the date the forward contract is entered into, the forward contract is recorded. c) Any gains or losses on the forward contract are recorded in profit or loss. d) The hedged item (such as inventory or revenue) is recorded when the forward contract is entered into