months $($on February $1,2025)$ and receive $$86,000$ in U$.$S$.$ dollars. The spot and forward rates for the local currency units were as follows:

$\backslash$table$[[$Date$,$Rate Description,Exchange Rate$],[$October $1,2024,$Spot Rate,$$0\mathrm{.}91=1$ local currency unit$],[$December $31,2024,$Spot Rate,$$0\mathrm{.}93=1$ local currency unit$],[,1-$Month Forward Rate,$$0\mathrm{.}88=1$ local currency unit$],[$February $1,2025,$Spot Rate,$$0\mathrm{.}94=1$ local currency unit$]]$

Any discount or premium on the forward contract is amortized using the straight$-$line method.

Requlred:

Assuming this is a cash flow hedge, prepare journal entries for this sales transaction and forward contract.