Jackson Corporation $($a U$.$S$.-$based company$)$ sold parts to a Korean customer on December $16,2024,$with payment of $20$ million Korean won to be received on January $15,2025.$ The following exchangerates applied:

Date

Spot Rate

Forward Rate to January $15$

December $16,2024$

$ $0\mathrm{.}00082$

$ $0\mathrm{.}00089$

December $31,2024$

$0\mathrm{.}00080$

$0\mathrm{.}00083$

January $15,2025$

$0\mathrm{.}00086$

$0\mathrm{.}00086$

Assuming a forward contract was entered into on December $16,$ how would the forward contract berefl ected on Jackson$$s December $31,2024,$ balance sheet?

Forward contract $($asset$)$

Foreign exchange $($liability$)$

Forward contract $($liability$)$

Foreign currency $($asset$)$

Foreign currency $($liability$)$