On December 1, 20x1, Micro World Inc. 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: Date December 1, 20x1 December 31, 20X1 January 30, 20X2 March 31, 20X2 Spot Rate $0.600 0.610 0.608 0.602 Forward Rate for March 31, 20X2 $0.609 0.612 0.605 1 2 3 4 5 Record a 120-day forward contract signed for speculation. Note: Enter debits before credits Date General Journal Debit Credit Dec. 1. 20X1 Record entry Clear entry View general journal View transaction list Journal entry worksheet / Record the revaluation of the foreign currency payable to the equivalent U.S. dollar value. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 20X1 Record entry Clear entry View general journal speculative purposes only. (If no entry is required for a transactic required" in the first account field.) View transaction list Journal entry worksheet 1 2 4 5 Record the revaluation of the foreign currency payable. Note: Enter debits before credits. Date General Joumal Debit Mar. 31, 20X2 Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 Record the receipt of U.S. dollars from an exchange broker as required by the forward contract. Note: Enter debits before credits. Date General Journal Mar. 31, 20X2 Debit Credit Record entry Clear entry View general journal Journal entry worksheet