In the past, Carter Manufacturing has engaged in a number of foreign currency transactions
but has never before attempted to hedge these transactions. However, the company has
decided to hedge the following:
	Carter forecasted the need to buy inventory with a cost of 60,000 FC in 60-days
	in order to meet a sale in the amount of $100,000. When the inventory was
	actually purchased, it had a cost of 68,000 FC. At the time of the forecast, the spot
	rate was 1FC = $1.16, and a 60-day forward contract to buy FC was 1FC = $1.15.
	The goods were purchased on day 60 when the spot rate was 1FC = $1.17.
Required:
a.	Prepare the journal entries related to the above transaction from the purchase
	of the 60-day forward contract to buy 60,000 FC through the sale of the goods.
	You can assume that all transactions occurred within one reporting period.
b.	Determine what the income would have been if no hedge had been used
	compared to the income with the hedge.