On September $1,2023,$ Stone Company received an order to sell a machine to a customer in Australia at a price of $100,000$ Australian dollars. Stone shipped the machine and received payment on March $1,2024.$ On September $1,2023,$ Stone purchased a put option giving it the right to sell $100,000$ Australian dollars on March $1,2024,$ at a price of $$80,000.$ Stone properly designated the option as a fair value hedge of the Australian dollar firm commitment. The option$$s time value is excluded in assessing hedge effectiveness, and the change in time value is recognized in net income over the life of the option. The option cost $$2,000$ and had a fair value of $$2,300$ on December $31,2023.$ The fair value of the firm commitment was measured by referring to changes in the spot rate $($discounting to present value is ignored$).$ The following spot exchange rates apply: