he machines were to be delivered U tu this transaction, assuming that the payment was made on 1/15/2018. Part II: (Foreign Currency Commitment) U.S. Corporation entered into a contract on November 1, 2011 two machines to International Company for 750,000 foreign currency units (FCU). The machines were to be and the amount collected on March 1, 2018. In order to hedge its commitment, U.S. entered, on November into a forward contract to sell 750,000 FCU on March 1, 2018. The forward contract met all conditions for nog foreign currency commitment. Selected exchange rates for FCU at various dates were as follows: Forward Rate Date Spot Rate (Delivery on 3/1/2018) 11/1/2017 $0.9540 12/31/2017 $0.9452 $0.9515 3/1/2018 $0.9626 ($0.9535 Required: Prepare all journal entries relative to the above on the following dates: 1. November 1, 2017. 2. Year-end adjustments on December 31, 2017. 3. March 1, 2018. (Include all adjustments related to the forward contract) PA ITU