On September $1,2023,$ Stone Company received an order to sell a machine to a customer in Australia at a price of $$104,500$ Australian dollars. Stone shipped the machine and received payment on March $1,2024.$ On September $1,2023,$ Stone purchased a put option giving it the right to sell $$104,500$ Australian dollars on March $1,2024$ at a price of $$84,500.$ Stone properly designated the option as a fair value hedge of the Australian dollar firm commitment.