Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 7,500 carvings to a wholesaler in a foreign country at a selling price of 764,000 foreign currency units (FCs) when the spot rate was FC1 = $0.826. The invoice required the foreign wholesaler to remit by April 1, Year 6. On December 3, Year 5, MEI entered into a forward contract with the Royal Bank at the 120-day forward rate of FC1 = $0.866 and the spot rate was still FC1 = $0.826. The fiscal year-end of MEI is December 31, and on this date the spot rate was FC1 = $0.842 and the forward rate was FC1 = $0.878. The payment from the foreign customer was received on April 1, Year 6, when the spot rate was FC1 = $0.887. Assume that MEI uses hedge accounting. Also, assume that the forward element and spot elements on the forward contract are accounted for separately. Required: (a) Prepare the journal entries for the below items assuming that MEI designates the forward contract as a cash flow hedge: (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required.) (i) The sale and the forward contract Debit Credit Date December 1, Year 5 General Journal Accounts receivable Sales Record the sales. December 3, Year 5 Exchange loss Loan payable Record the forward contract. Credit Date December 31, Year 5 General Journal Debit Exchange loss Investment in bonds Record to adjust the accounts receivable to closing exchange rate. (Click to select) (Click to select) (Click to select) Record to offset exchange gain or loss on spot and forward contracts. (Click to select) (Click to select) Record amortization gain or loss from premium on forward contract over 4 months. (iii) the cash received in Year 6 Debit Date April 1, Year 6 Credit General Journal (Click to select) (Click to select) Record to adjust the accounts receivable to the spot rate. Cash (Click to select) (Click to select) Record to offset exchange gain or loss on spot and forward contracts. (Click to select) (Click to select) Record amortization gain or loss from premium on forward contract over 4 months. (Click to select) (Click to select) Record the receipt of cash. (Click to select) (Click to select) (Click to select) Record the receipts of cash from bank