On 12/1/21, Northridge Co., a U.S. machine manufacturer, sells machines to York Co., a British company, for 100,000 British Pound () on credit. Payment is due in 90 days (March 1, 2022). The current exchange rate is 1 = $1.40 on 12/1/21. Northridge Co. signs a 90-day forward contract with Wells Fargo Bank to deliver 100,000 and the 90-day forward rate is 1 = $1.30 on 12/1/21. On Northridge Cos fiscal year ends, 12/31/21, spot rate is 1 = $1.50 and available forward rate to March 1, 2022 is 1 = $1.45. On 3/1/22, the original receivable and the forward contract come due. The exchange rate is 1= $1.20 on 3/1/22. Using Cash Flow Hedge method, prepare Northridge Co.s all journal entries for 12/1/21, 12/31/21, and 3/1/22.