I have marked what was incorrect and put the correct amounts. My question is, why are those incorrect and how do you arrive at the right answers (written in red next to crossed out numbers) ?

P 13-6 Foreign currency hedge, firm purchase commitment On October 2, 2016, delivery in 18O days at a forward rate of S0 6350 The forward contract is a derivative instrument hedging an identifiable foreign currency purchase commitment for inventory as defined in ASC Topic 815. The spot rate for.curos on October 2.2016 was $0.6250. Spot rates and forward rates for euros on December 31, 2016, and March 31, 2017, are as follows: Flx, a U.S. company. entered into a forward contract to purchase 50,000 euros for oa 22dlb December 31. 2016 0.6390 $0.6410 $0.6420 March 31. 2017 $0.656 Spot rate Forward rates 30-day futures 90-day futures 180-day futures $0.6575 0.6615 $0.6680 350 $0.6450 REQUIRED: Prepare journal entries to: 1. Record the forward contract on October 2. 2016 2. Adjust the accounts at December 31.2016 3. Account for settlement of the forward contract and record and adjust the related cash purchase on March 31. 2017