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Woolsey Corporation, a U.S. company, expects to sell goods to a British customer at a price of 250,000 pounds, with delivery and payment to be made on October 24, 2021. On July 24, 2021, Woolsey purchased a three-month put option for 250,000 British pounds and designated this option as a cash flow hedge of a forecasted foreign currency transaction expected to be completed in late October, 2021. The following exchange rates apply:Option strike price $2.17 Option cost $4,000 July 24 spot rate $2.17 October 24 spot rate $2.13 October 24 option premium $0.04What amount will Woolsey record in AOCI to close it as an adjustment to net income for the period ended October 31?
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