(3) Prepare the journal entries made by Futura on December 31, 2022, and January 29,2023 , regarding the above transactions. \begin{tabular}{|c|c|c|c|c|} \hline & Generd fournal & & & \\ \hline Date & Description & & Debit & credit \\ \hline \multirow[t]{12}{*}{ Dec 31} & & & & \\ \hline & & & & \\ \hline & To record change in value of forvard sale contract $1. & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & To record dhange in value of firm commitment related to contract $1. & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & To record change in value of forward purchase contract $2. & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & To record gain or loss on spendative contract =3. & & & \\ \hline \multirow[t]{14}{*}{lan29} & & & & \\ \hline & & & & \\ \hline & To record change in value of forvard sale contract $1 since December 31. & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & To record change in value of firm commitment related to contraa $1. & & - & \\ \hline & & & & \\ \hline & & & & \\ \hline & To record sale to Danish customer. & & & \\ \hline & & & & \\ \hline & . & & & \\ \hline & To ad,ust sales revenue for the accumulated balance in the firm commitment account. & & & \\ \hline & & & & \\ \hline & Investment in forward contract & & & \\ \hline= & & & & \\ \hline \end{tabular} Accounting for Forward Contracts-Hedging and Speculation Futura Corporation, a calendar-year corporation, is an active trader in foreign exchange, to hedge its international activities and for outright speculation. In particular, it is active in the forward market for krone (ks), the currency of Denmark. On November 1, 2022, Futura entered into the following forward contracts. The contracts were settled on fanuary 29,2023. 1.501kk,2,000,000 fonward to hedge a forthcoming k2,000,000 sale to a Danish firm; the sale price and january 29, 2023 delivery date have been nezotiated and the customer will pay upon de ivery 2. Purchased kr3,000,000 forward to hedge a forecasted purchase from a Danish supplier. Delivery and payment on the forecasted purchase takes place on January 29,2023. 3. Sold krt, 000,000 forward in anticipation of a fall in the spot rate. Relevant exchange rates ( 5/kg) are as follows. Required (a) Prepare the journal entnes made by Futura on December 31,2022 , and january 29, 2023, regarding the above transactions. (b) Indicate how the above transactions would be disclosed on Futura's December 31, 2022, balance sheet and 2022 income statement. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ December 31, 2022 Balance Sheet: } \\ \hline Investment in forward contracts & alar & e of: & $ \\ \hline Firm commitment has a net & & balance of: & $ \\ \hline Other comprehensive income is & & by: & $ \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{2022 Income Statement: } \\ \hline Net exchange & on speculative activity is: & $ \\ \hline \end{tabular}