Ivanhoe Company was incorporated in Delaware in 2017 . On November 2, 2024, the controller of the company entered into a forward contract to sell 49,000 British pounds for $1.5920 on March 1, 2025. The following exchange rates were quoted on the indicated dates: Date Account Titles and Explanation Debit Credit (To record gain or loss on foreign currency) (To record gain or loss on firm commitment) (To record gain or loss on foreign currency) (To record gain or loss on firm commitment) (To record sale) (To record receipt from exchange dealer and payment of foreign currency)