Use the Following Information on the U On March 28, 2020, a U

Multiple Choice

Use the following information on the U.S. dollar value of the New Zealand dollar to answer bellow Questions
$$\begin{array} { | l | c | c | } \hline & \text { Spot Rate } & \begin{array} { c } \text { Forward Rate for } \\\text { June 30, 2020 Delivery }\end{array} \\\hline \text { March 28, 2020 } & \$ 0.725 & \$ 0.730 \\\hline \text { May 2, 2020 } & 0.732 & 0.735 \\\hline \text { June 28, 2020 } & 0.750 & 0.750 \\\hline\end{array}$$ On March 28, 2020, a U.S. company issues a purchase order to buy merchandise for NZ$100,000. The company will pay the supplier on June 28, 2020, so on March 28, the company enters a forward contract to purchase NZ$100,000 on June 28. The company takes delivery of the merchandise on May 2, 2020. On June 28, 2020, the company acquires NZ$100,000 using the forward contract and pays the supplier. The company sells the merchandise later in the year. The company's accounting year ends December 31.
-When the company takes delivery of the merchandise on May 2, 2020, accounts payable is credited in the amount of:

A) $72,500
B) $73,000
C) $73,200
D) $75,000