Jack, chief finance officer for sitcom products, convinced the president of the company to enter in to a 90days, forward contract to sell 500,000 kronas as a speculative veniture. When the forward contract was acquired on November 1, 2019, the spot rate for the krona was OMR 8041 and the 90days future rate was OMR 8321. At December 31 2019, the end of the firm's fiscal year, the spot rate was $.9483 and the future rate for kronas to be sold on January 30, 2020, was $ 9948 On January 30, 2020, the spot rate was $.9630 Required Prepare all necessary joumal entries in regard to the forward contract