On October 15, 20X1, Nahanni Limited sold merchandise to two companies in Sweden. In the first transaction, the price was 3,000,000 kronor and was to be paid in 90 days. Worried about the exposure to the exchange risk, the company hedged the receivable for a 90- day period with a forward contract.
In the second transaction, the price was 3,600,000 kronor and the date of payment was November 15, 20X4. Due to the difficulty of getting a forward contract to match the date payment was due, the company decided to remain in an “unhedged” position on this receivable.
Exchange rates:
October 15, 20X1, spot rate.................. $ 1 = 8.00 kronor
October 15, 20X1, forward 90-day rate.................. $ 1 = 9.26 kronor
December 31, 20X1, spot rate.................. $ 1 = 9.10 kronor
December 31, 20X1, forward rate to January 13, 20X2......... $ 1 = 9.30 kronor
January 13, 20X2, spot rate.................... $ 1 = 9.45 kronor
December 31, 20X2, spot rate................... $ 1 = 7.75 kronor

Required
Ignoring closing entries:
1. Prepare all the related journal entries required for the first sale for 20X1 and 20X2.
2. Assuming instead that the company had not hedged the receivable from the first sale in any way, prepare the appropriate journal entries for 20X1 and 20X2 to record this situation.
3. Prepare all the related journal entries for the second sale for 20X1 and 20X2.