On October 2, 2018, Tama, Inc. ordered a custom-built passenger van from a Japanese firm. The purchase order is non-cancellable. The purchase price is 1,000,000 yens with delivery and payment to be on March 31, 2019. On October 2, 2018, Tama, Inc. entered into a forward contract to buy 1,000,000 yens on March 31, 2019 for P0.57. On March 31, 2019, the custom-built passenger van was delivered. 10/2/2018 12/31/2018 3/31/2019 Spot rate (rupee) P0.50 P0.56 P0.57 Forward rate (rupee) 0.53 0.58 0.57 The December 31, 2018 foreign exchange gain on forward contract amounted to (income statement or equity): (Fair Value Hedge) and (Cash Flow Hedge) Group of answer choices Not applicable (I/S) 50,000 Equity 50,000 I/S Not applicable (Equity) 50,000 I/S 50,000 Equity 50,000 Equity 50,000 I/S