Contract amount: $50,000,000
Maturity date: June 30, 2024
Forward contract rate: ¥105.00 = US $1.00
Yen / US$ Exchange rates:
[[Date, Spot Rate, Forward Rate for June 30],
[January 1, Cleveland obtains the fair values of the forward exchange contract from the third-party dealer. Required: 1. Calculate the net settlement on June 30, 2024. 2. Prepare the journal entries for the period.

What is the contract amount?
Options:
A) $50,000,000
B) ¥105.00
C) June 30, 2024
D) Cleveland obtains the fair values of the forward exchange contract from the third-party dealer.