Cullumber Company was incorporated in Delaware in 2017. On November 2, 2024, the controller of the company entered into a forward contract to sell 60,000 British pounds for $1.5920 on March 1, 2025. The following exchange rates were quoted on the indicated dates: Cullumber Company's fiscal year-end is December 31. (a) Assume that the forward contract was entered into as a hedge against an exposed foreign currency receivable balance in the amount of 60,000. Prepare the journal entries that would be made by Cullumber Company on the dates listed below. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125. List all debit entries before credit entries.) 1. November 2-to record the sale of the goods on account for 60,000 and to record the forward contract. 2. December 31-to adjust the accounts related to the exposed asset and forward contract at fiscal year-end. 3. March 1-to adjust the accounts related to the exposed asset and forward contract and to record the settlement of the receivable and delivery of the pounds to the exchange dealer. Date Account Titles and Explanation Debit Credit Nov. 2 (To record sales) (To record the forward contract) (To record gain or loss on accounts receivable) (To record gain or loss on foreign currency) (To record gain or loss on accounts receivable) (To record gain or loss on foreign currency) (To record settlement of accounts receivable) Mar. 1 (To record receipt from exchange dealer and payment of foreign currency)