On December 1, 2020, Crane Corporation committed to sell inventory to a foreign company, to be delivered and paid April 1, 2021. The selling price was 800,000 units of foreign currency (FC). To hedge against fluctuations in the exchange rate, Crane entered into a forward contract on December 1 to sell 800,000 units of FC on April 1, 2021 at the agreed rate of $.475 per FC. The following exchange rates were quoted: Forward Rate Date Spot Rate (Delivery on 4/1/2021) 12/1/2020 0.476 0.475 12/31/2020 0.470 0.478 4/1/2021 0.473 -----

Required: Prepare the journal entries necessary for Crane during 2020 and 2021 to account for the transactions