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: 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 Date Budvar's 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. Note: please fill in the twenty white blanks labelled with numbers, e.g. (1), (2), ......, (20). Debit account name Credit account name Debit amount Credit amount 12/1/Y1 Entry 1 (1) 50,000 (2) 50,000 12/31/Y1 Entry 1 (3) 1500 Account Receivable 1500 Entry 2 (4) 1500 (5) 1500 Entry 3 Forward contract AOCI Entry 4 | Discount expense 03/31/Y2 Entry 1 (9) 5000 (10) 5000 Entry 2 (11 5000 (12) 5000 Entry 3 Forward contract (13) AOCI Entry 4 Discount expense (15) (14) (15) Entry 5 Foreign currency (17) (17) Entry 6 (18) (19) Forward contract Foreign currency (20) 43500