$5.$ Car Corp. $($a U$.$S$.-$based company$)$ sold parts to a Korean customer on December $1,2018,$ with payment of $10$ million Korean won to be received on January $31,2019.$ The following exchange rates applied:

Date

December $1,2018$

December $31,2018$

January $31,2019$

Spot

Rate

$ $\mathrm{.}00092$

$\mathrm{.}00090$

$\mathrm{.}00095$

Forward

Rate to Jan$\mathrm{.}31$

$5\mathrm{.}00098$

$\mathrm{.}00093$

$\mathrm{.}00095$

On December $1,2018,$ Car Corp. entered into a forward contract to sell $10$ million Korean won on January $31,2019.$ The forward contract has been designated as a fair value hedge. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight$-$line method on a monthly basis.

How should the forward contract be recorded at December $31,2018!$

$$$$300($liability$)$

$$$$300($asset$)$

$$$$500($liability$)$

$$$$500($asset$).$