On August 25, 2020, Beta Inc. entered into a forward contract to buy 25,000 Krubles (KRB) for $ 3,800 Canadian (CAD) on September 5, 2020. On August 31, 2020, 25,000 KRB can be purchased for $ 3,500 CAD. On September 5, Beta settles the contract but does NOT take delivery of the KRB.

Required

• The entry to record the change in value of the contract on August 31, 2020 is

 

• On September 5, 2020, the KRB is trading at $ 0.15 CAD. The entry to record the settlement of the contract is