Gain or Loss on Speculative Forward Exchange Contract On December 1, 20X1, Sycamore Company acquired a 90-day speculative forward contract to sell 120,000 at a forward rate of 1 =$0.58. The rates are as follows: Required a. Prepare a schedule showing the effects of this speculation on 20X1 income before income taxes. b. Prepare a schedule showing the effects of this speculation on 20X2 income before income taxes