On December $1,20$X$1,$ Micro World Incorporation entered Into a $120-$day forward contract to sell $100,000$ Australian dollars $($A$$).$ Micro World's fiscal year ends on December $31.$ The direct exchange rates follow.

$\backslash$table$[[$Date$,$Spot Rate,$\backslash$table$[[$Forward Rate for$],[$March $31,26\backslash$times $2]]],[$December $1,20\backslash$times $1,$$$0\mathrm{.}600,$$$0\mathrm{.}609],[$December $31,20\backslash$times $1,0\mathrm{.}610,0\mathrm{.}612],[$January $30,28\backslash$times $2,0\mathrm{.}608,0\mathrm{.}605],[$March $31,26\backslash$times $2,0\mathrm{.}602,]]$

Required:

Prepare all Journal entrles for Micro World Incorporated for the following Indepenclent s$/$tuations:

The forward contract was to manage the forelgn currency risks from the sale of furniture for $A$$$100,000$ on December $1,20$X$1,$ with payment due on March $31,20$x$2$ The forward contract is not designated as a hedge.

The forward contract was to hedge an anticlpated sale of furniture on January $30.$ The sale took place on January $30$ with payment due on March $31,20$X$2.$ The derivative is designated as a cash flow hedge. The company uses the forward exchange rate to measure hedge effectlveness.

The forward contract was for speculatlve purposes only.

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Required $1$

The forward contract was to manage the foreign currency risks from the sale of furniture for $A$$$100,000$ on December $1,20$X$1,$ with payment due on March $31,20$X$2.$ The forward contract is not designated as a hedge.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$\backslash$table$[[$No$,$Date,General Journal,,Debit,Cr$],[1,$December $1,20\backslash$times $1,$Accounts receivable $($A$$),$o$.,60,000,],[,$Sales,$0,,6$C$],[2,$December $1,20\backslash$times $1,$Dollars receivable from exchange broker $($$$),0,60,900,],[,$Foreign currency payable to exchange broker $($AS$),0,,80],[3,$December $31,20$x$1,$Foreign currency transaction loss,$\backslash$theta $,1,0000,],[,$Accounts payable $($A$$),\backslash$theta $,,1],[4,$December $31,20$x$1,$Foreign currency transaction loss,$\backslash$theta $,3000,],[,$Foreign currency payable to exchange broker $($AS$),0,,],[5,$January $30,20\backslash$times $2,$No journal entry required,o$.,,],[6,$March $31,20\backslash$times $2,$Foreign currency transaction loss,ox$,1,0000,],[,$Foreign currency units $($A$$),\backslash$Theta $,,$T$],[7,$March $31,20\backslash$times $2,$Accounts payable $($A$$),\backslash$Theta $,8000,],[,$Foreign currency transaction gain,$\backslash$Theta $,,]]$