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Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2015, with payment of 16,000 korunas to be received on March 1, 2016. Brandlin enters into a forward contract on December 1, 2015, to sell 16,000 korunas on March 1, 2016. Relevant exchange rates for the koruna on various dates are as follows Forward Rate (to March 1, Date December 1, 2015 December 31, 2015 March 1, 2016 Spot Rate 2016) 2.70 2.775 2.900 N/A 2.80 2.95 Brandlin's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803 Brandlin must close its books and prepare financial statements at December 31 1 Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount using the straight line method, prepare journal entries for these transactions in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 2 3 4 6 7 612> Record the sales and foreign currency account receivable. Note: Enter debits before credits Date General Journal Debit Credit 12/01/2015 Record entry Clear entry View general journal