Forward to buy shares    LO5 Wilshere Ltd enters a forward contract to buy its own ordinary shares after 12 months at a fixed forward price. Wilshere Ltd has a contractual obligation based on the forward price and it has a contractual right based on the market price at the maturity date. Wilshere Ltd is considering a range of different alternatives for the settlement of the contract. Details of the contract are: Contract date 1 February 2020 Maturity date 31 January 2021 Market price per share on 1 February 2020 $1.00 Market price per share on 31 December 2020 $1.10 Market price per share on 31 January 2021 $1.06 Fixed forward price per share on 31 January 2021 $1.04 Present value of forward price on 1 February 2020 $1.00 Number of shares under the forward contract 10 000 000 Fair value of forward contract on 1 February 2020 Nil Fair value of forward contract on 31 December 2020 $630 000 Fair value of forward contract on 31 January 2021 $200 000 Required Prepare the entries of Wilshere Ltd for the forward purchase contract on its own shares assuming the company has a year end of 31 December and that the contract will be settled: 1. cash for cash (net cash settlement) 2. shares for shares (net share settlement) 3. cash for shares (gross physical settlement).