Check my work 4 On December 1, 20x1, Micro World Inc. entered into a 120-day forward contract to purchase 160,000 Australian dollars (A$). Micro World's fiscal year ends on December 31. The direct exchange rates follow: 20 points Date December 1, 20X1 December 31, 20X1 January 30, 20X2 March 31, 20X2 Spot Rate $0.600 0.610 0.608 0.602 Forward Rate for March 31, 20X2 $0.609 0.612 0.605 eBook Print References Required: Prepare all journal entries for Micro World Inc. for the following independent situations: a. The forward contract was to manage the foreign currency risks from the purchase of furniture for A$160,000 on December 1, 20X1, with payment due on March 31, 20X2. The forward contract is not designated as a hedge. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet