10:38 PM Ipinadala mo 20x1, Beauty enters into a 30-day forward contract to sell 310000 at a forward rate of P45. The forwara rate on December 31, 20x1 was P48 while the spot rate on January 15, 20x2 was P46. Requirements: Provide all the relevant journal entries. The forward contract is settled net. 2. The Four Horsemen Co., an exporter, sold a machine to a foreign customer for 100,000 foreign currency units (FCU, on December 15, 20x1. The buyer Co. took title over the machine on December 15, 20x1. However, payment is due on January 15, 20x2. To limit its exposure to risk of changes in exchange rates, The Four Horsemen Co. entered into a 30-day forward contract on December 15, 20x1 to sell 100,000 FCUs at a forward rate of P40. Brush Co. designated the forward contract as a fair value hedge