6 points CLO2-On December 1, 2020, Jordan Company, located in the USA sold merchandise to a foreign customer for 500,000 rupees with payment to be received on May 31, 2021. At the date of sale, Jordan Company entered into a six-month forward contract to sell 500,000 rupees. The forward contract is properly designated as cash flow hedge of a foreign currency receivable. Relevant exchange rates for the rupees are shown in the table below. Jordan Company's incremental borrowing rate is 12 percent. The present value factor for four months at an annual interest rate of 12 percent (1 percent per month) is 0.9514. Required: Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract. Date Spot Rate Forward Rate (to May 31, Year 2) $0.22 0.18 November 1, Year 1 December 31, Year 1 May 31, Year 2 $0.23 0.20 0.19 Nour