On December 1, 20X1. Sycamore Company acquired a 90-day speculative forward contract to sell 140,000 ot a forward inte of 1 $0.48. The rates are as follows Date December 1, 20x1 December 31, 20x1 March 1, 20x2 Spot Rate 150.50 10.49 10.47 Forvard Rate for March 61 $0.48 10.46 Required: Determine the effects of this speculation on 20X1 income before income taxes Speculation b Determine the effects of this speculation on 20x2 income before income taxes Speculation