Dane In.c sold inventory on September 10, 2019 to a foreign customer for 500,000 Units of foreign currency (FC). Simultaneously, the company entered into a forward contract to sell 500,000 units of foreign currency on January 10, 2020 at the forward rate of $0.77. Payment was made by the foreign customer on January 10, 2020.

The company ends its fiscal year on December 31. The following exchange rates were quote:DateSpot RateForward Rate Delivery 1/10/20209/10/190.780.7712/31/190.710.721/10/200.74A. Prepare all Journal entries relative to the avobe event on September 10, 2019