A U.S. exporter has a Thai baht account receivable resulting from an export sale on April 1 to a customer in Thailand. The exporter signed a forward contract on April 1 to sell Thai baht and designated it as a cash flow hedge of a recognized Thai baht receivable. The spot rate was $0.022 on that date, and the forward rate was $0.023. Which of the following did the U.S. exporter report in net income?
a. Discount expense.
b. Discount revenue.
c. Premium expense.
d. Premium revenue.
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