It's an assignment

Duck Corporation "forecasted" on December 21, 2017 to sell a machine to a company in Italy. The selling price was 500,000 euros, to be paid on March 21, 2018. To hedge against fluctuations in the exchange rate, Duck entered into a forward contract on Dec. 21, 2017 to sell 500,000 euros on March 21, 2018, the agreed date of machine delivery, for $1.227 per euro. The company ends its fiscal year on December 31. The following exchange rates were quoted: Forward Rate Date Spot Rate (Delivery on 3/21/2017) 12/21/2017 1.228 1.227 12/31/2017 1.222 1.221 3/21/2018 1.225 Notes: Read carefully and follow strictly so that Bb can grade you correctly! 1. Use comma in numbers, one thousand is 1,000, not 1000. Round to the nearest dollar: 1,000.45 should be 1,000, and 1,000.55 should be 1,001, no decimal points. No $ sign. 2. If no entry is required, write N/A. 3. Only use the following accounts: Inventory, A/P (FC), A/R (FC), Cash, Sales, CGS, Exchange G/L, Fwd Contract, Contract G/L, Contract G/L (OCI), Firm CMMT, CMMT G/L. 4. Copy_account names accurately to receive credits, names are not case sensitive. 5. Remember: do ALL buy/sell transaction entries first, then financing management entries later. Required: A. Prepare all journal entries relative to the above event on December 21, 2017