E 13-3 Firm sales commitment Tuan Corporation enters into a firm sales commitment with Nyonya Corporation to sell 200,000 tons of coal deliverable in three months, on January 31, 2017, at the market price. Tuan also decides to enter into a forward contract to buy 200,000 tons of coal deliverable on January 31, 2017, at $55.25. The contract is to be settled net. Assume an appropriate interest rate of 8 percent. Sales price at each of the corresponding dates is given below:

Sales price November 1, 2016 $55.25 December 31, 2016 $55.10 January 31, 2017 $55.50 REQuIRED: Prepare the journal entries to record the transactions at each of the corresponding dates.