Jenkins Corporation, a U.S. sporting goods manufacturer, had several foreign exchange transactions during 2020 and 2021.

2020

10/01/20: Jenkins sold land it owned in Malaysia to a Malaysian firm for 1,125,000 ringgits. Payment is to be received in ringgits in six months on April 1, 2021. The spot rate for the ringgit is $0.24.

11/01/20: Contracted to deliver inventory to a firm in Poland on January 31, 2021. The contract was for 725,000 zloty due on May 1, 2021. To hedge against the future commitment, Jenkins acquired a forward exchange contract. The six -month contract is to sell 725,000 zloty to the broker on June 1, 2021 at a forward rate of $0.30. The spot rate on November 1, 2020 is $0.35.

12/31/20: Adjusted the accounts when the spot/current rate and forward rate for the zloty is $0.28 and $0.31, respectively, and the current rate for the ringgit is $0.26.

2021

01/31/21: Delivered inventory to the firm in Poland. Jenkins uses the perpetual system to record inventory transactions and the cost to manufacture the inventory was $200,000. The spot rate and forward rate for zloty is $0.37 and $0.36, respectively.

Required: prepare all journal entries to record the above transactions through January 31, 2021.

Optional: prepare journal entries to record the transactions on April 1, 2021 (spot rate for the ringgit = $0.23) and May 1, 2021 (spot rate and forward rate for the zloty= $0.33).