On 1/1/20, Tiffany Company, a US company, forecasts a sale to a French client for 10,000,000 euros in 5 months. Tiffany always accepts euros in payment for its sales. Payment is due at the time of delivery.

Also, on 1/1/20, Tiffany enters into a forward contract to sell 10,000,000 euros in 5 months to Foreign Currency Speculator for $1.20 per euro. The following are the spot and forward rates for euros. The forward rates are for contracts that will end on 5/31/20. 3.31.20 is Tiffanys quarter end.

	Spot	FWD
1.1.20	$1.20	$1.20
3.31.20	$1.23	$1.25
5.31.20	$1.24

What are the entries made by Tiffany from 1/1/20 to 5/31/20 to account for the derivative and the sale?