1) On November 1, 2008, Turkey Corporation of the United States buys inventory from Gobble Ltd. Of Canada for 90,000 Canadian dollars to be paid on January 31, 2009. Also on November 1, 2008, Turkey paid $.052 per Canadian dollar for an option with a strike price of $.80. The following spot rates and option premiums apply: November 1, 2008 $.80 $.052 December 31, 2008 $.86 $.095 January 31, 2009 $.91 $.11. Turkey chooses to designate the option as a cash flow hedge of the foreign currency denominated sale. Record all journal entries associated with these transactions and be sure to date the entries.