Alman Company sold pharmaceuticals to a Swedish company for 200,000 kronor (SKr) on April 20, with settlement to be in 60 days. On the same date, Alman entered into a 60-day forward contract to sell 200,000 SKr at a forward rate of 1SKr=$0.167 in order to manage its exposed foreign currency receivable. The forward contract is not designated as a hedge. The spot rates were Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 234567 Note: Enter debits before credits. Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 567 Record the entry for the 60-day forward exchange contract signed to deliver Swedish kronor. Note: Enter debits before credits. Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 567 Record the revaluation of the foreign currency receivable to the current equivalent U.S. dollar value. Note: Enter debits before credits. Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 7 Record the revaluation of the foreign currency payable to the current U.S. dollar value. Note: Enter debits before credits. Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the receipt of Swedish kronor from the foreign receivable. Note: Enter debits before credits. a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 123 7 Record the payment of the foreign currency units to an exchange broker for the forward payable contract. Note: Enter debits before credits. Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the receipt of U.S. dollars in accordance with the rate established in the forward exchange contract. Note: Enter debits before credits. b. What is the effect on net income of Alman's use of the forward exchange contract versus the effects if Alman had not used a forward exchange contract