Exercise 11-13 (Static) Sale with Forwrd Exchange Contract LO 11-3 Alman Company sold pharmaceuticals to a Swedish company for 200,000kronor (SKr) on April 20, with settlement to be in 60 days. On the same date, Alman entered into a 60 -day forward contract to sell 200,000SKr at a forward rate of 1SKr=$0.167 in order to manage its exposed foreign currency recelvable. The forward contract is not designated as a hedge. The spot rates were Apri120June195%+1=50.1705Kr=1=50.165 Required: a. Prepare all necessary entries related to the foreign transaction and the forward contract. b. What is the effect on net income of Alman's use of the forward exchange contract versus the effects if Alman had not used a forward exchange contract. Complete this question by entering your answers in the tabs below. Prepare all necessary entries related to the foreign transaction and the forward contract. Note: If no entry is required for a transactionevent, select "No Joumal entry required" in the first account field 2 Aecord the entry for the 60-day forward exchange contract signed to deliver 5 wedish kronor. 3 Record the revaluation of the foreign currency receivable to the current equivalent U.S. dollar value. 4 Aecord the revaluation of the foreign currency payable to the current U.S, dollar value. 5. Record the receigt of Swedish kronor from the foreign receivable. 6. Record the payment of the foreign currency units to an exchange broker for the forward payable contract. Note i = journal entry has been entered