Details are attached in the picture. will surely upvote. thanks. On January 5, 2019, our company receives a nonbinding purchase order for sale of merchandise to a customer in Slovakia, with delivery of the merchandise scheduled for June 30, 2019. The customer preliminarily agreed to pay 650,000 for the merchandise, and payment is due from the customer upon delivery. On January 5, 2019, our company also purchases an option that gives our company the right to sell (i.e.. put) 650,000 on any date until June 30, 2019 (i.e., it is an "American-style" option) for $1.28:1 (i.e.. the spot rate on January 5, 2019). On January 5, 2019, the fair value of the option (i.e.. the option premium) is $19.500. In addition, our company elected to immediately include in the determination of net income all of the change in option value attributable to factors excluded from the assessment of hedge effectiveness (i.e.. the non-intrinsic-value components, like time value). The relevant exchange rates and related balances for the period from January 5, 2019, to June 30, 2019, are as follows: Option Contract Chan Chan Othe Chan ge Spot ge Sale Fair Intringe in in Rate in Sourc Date Transa Valu sic Intrin Othe ($US Fair es ction ea Valuesic r =1) Valu of Value Valu e Value e Jan. 5, $19, 1.28 2019 500 Mar. 31, 1.23 2019 Jun. 30, 1.19 2019 $19, 500d 11,7 $(7, 44,2 $24, $32, $32, 00 700 500 500 $773, 58,5 14,3 58,5 26,0 500 00 00 00c 00 00 800) (11, 700) 1. Derived from an option pricing model such as the Black-Scholes model 2. (650,000 $1.28:1) (650,000 $1.23:1) 3. (650,000 x $1.28:1) - (650,000 x $1.19:1) 4. Fair value - intrinsic value (i.e., equals the residual fair value derived from all sources except for intrinsic value) Prepare the journal entries to record all the adjustments required for the forecasted sale and option contract on January 5, 2019, March 31, 2019, and June 30, 2019