Maplehauff Inc. sells lumber to a number of clients around the world. On December 1, 2019 the company shipped some lumber to a client in the U.S. The selling price was established at US$600,000 with payment to be received on March 1, 2020. On December 3, 2019 the company entered into a hedge with a Canadian Bank at the 90 day forward rate of US$1 = CDN$1.265. The forward contract was designated as a cash flow hedge of the amount due from the American customer. Maplehauff uses the net method to record the forward contract. - Maplehauff Inc. received the payment from its American client on March 1, 2020. The company's year-end is on December 31. The two-month forward rate for US dollars was CDN$1.255 on that date. Selected spot rates were as follows: - December 1, 2019: December 3, 2019: December 31, 2019 March 1, 2020: US$1 = CDN$1.2305 US$1 = CDN$1.2305 US$1 = CDN$1.2415 US$1 = CDN$1.2460 Prepare any and all journal entries arising from this transaction