On December 1, 2017, Americo, Corporation sold wine on credit to Venezia Company for 700,000. Payment is not due for 90 days. Thus, the transaction will be settled on February 28, 2018. On December 1, 2017, Americo, Corporation also entered into a 90-day forward contract to sell 700,000. The forward contract is not designated as a hedge. The direct exchange rates were as follows: FORWARD 12/1/2017 12/31/2017 28/2018 $144 $139 $1.46 1.40 (90 days) $1.38 (60 days) REQUIRED: Prepare the required information below for both the original (underlying) transaction and the related forward contract. BE SURE TO CLEARLY SHOW ALL OF YOUR WORK Foreign Currency Transaction Forward Contract NA Foreign Currency Transaction Forward Contract INA INCOME STATEMENT BALANCE SHEET RN BRU EME DA Foreign Currency Transaction Forward Contract On December 1, 2017, Americo, Corporation sold wine on credit to Venezia Company for 700,000. Payment is not due for 90 days. Thus, the transaction will be settled on February 28, 2018. On December 1, 2017, Americo, Corporation also entered into a 90-day forward contract to sell 700,000. The forward contract is not designated as a hedge. The direct exchange rates were as follows: FORWARD 12/1/2017 12/31/2017 28/2018 $144 $139 $1.46 1.40 (90 days) $1.38 (60 days) REQUIRED: Prepare the required information below for both the original (underlying) transaction and the related forward contract. BE SURE TO CLEARLY SHOW ALL OF YOUR WORK Foreign Currency Transaction Forward Contract NA Foreign Currency Transaction Forward Contract INA INCOME STATEMENT BALANCE SHEET RN BRU EME DA Foreign Currency Transaction Forward Contract