1. The Budvar company sold parts to a foreign customer on December 1, Year 1, with payment of 50,000 crowns to be received on March 31, Year 2. Budvar enters into a forward contract on December 1, Year 1, to sell 50,000 crowns on March 31, Year2. Relevant exchange rates for the crown on various dates are as follows:

Date	Spot Rate	Forward Rate (to March 31, Year 2)
December 1, Year 1	$1.00	$0.98
December 31, Year 1	$0.97	$0.92
March 31, Year 2	$0.87

Budvars incremental borrowing rate is 12 percent. The present value factor the three months at an annual interest rate of 12 percent (1 percent per month) is 0.9706. Budvar must close its books and prepare financial statements at December 31.

Assuming that Budvar designates the forward contract as a cash flow hedge of a foreign currency receivable, in the following table, please finish the journal entries for these transactions in U.S. dollars.

Please list the associated journal entries for cash flow hedge for all dates