I NEED A CORRECT ANSWER PLEASE THAN THE ONE ON CHEGG BECAUSE THEY ARE NOT RIGHTS.

13-6 Foreign currency hedge, firm purchase commitment On October 2, 2016, Flx, a U.S. company, entered into a forward contract to purchase 50,000 euros for delivery in 180 days at a forward rate of $0.6350. 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 euros 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: Spot rate Forward rates 30-day futures 90-day futures 180-day futures December 31, 2016, March 31, 2017, $0.6390 $0.6410 $0.6420 $0.6450 $0.6560 $0.6575 $0.6615 $0.6680 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