Hedged Forecasted Sale Bectel, Inc. expects to sell merchandise for C$1,000,000 to a Canadian customer at the end of November, 2020. In anticipation of this forecasted transaction, on August 30, 2020, Bectel sold C$1,000,000 forward for delivery on November 30, 2020. Bectel made the sale as expected on November 30, and settled the forward contract. Relevant exchange rates ($/C$) are as follows Forward rate for delivery November 30, 2020 Spot rate $0.73 0.78 August 30, 2020 $0.77 November 30, 2020 Required Prepare the journal entries made by Bectel on November 30 concerning the above events Assume Bectel is a calendar-year company Descriptioin Debit Credit To record change in value of forward contract. To record merchandise sale. To reclassify the gain or loss on the hedge to current earnings. Cash To record settlement of forward contract. Hedged Forecasted Sale Bectel, Inc. expects to sell merchandise for C$1,000,000 to a Canadian customer at the end of November, 2020. In anticipation of this forecasted transaction, on August 30, 2020, Bectel sold C$1,000,000 forward for delivery on November 30, 2020. Bectel made the sale as expected on November 30, and settled the forward contract. Relevant exchange rates ($/C$) are as follows Forward rate for delivery November 30, 2020 Spot rate $0.73 0.78 August 30, 2020 $0.77 November 30, 2020 Required Prepare the journal entries made by Bectel on November 30 concerning the above events Assume Bectel is a calendar-year company Descriptioin Debit Credit To record change in value of forward contract. To record merchandise sale. To reclassify the gain or loss on the hedge to current earnings. Cash To record settlement of forward contract