On December 1, 20X1, Sycamore Company acquired a 90-day speculative forward contract to sell 145,000 at a forward rate of 1 = $0.50. The rates are as follows: Date December 1, 20X1 December 31, 20X1 March 1, 20X2 Spot Rate 1=$0.52 1= 0.51 1= 0.49 Forward Rate for March 1 1=$0.50 1= 0.48 Required: a. Determine the effects of this speculation on 20X1 income before income taxes. Answer is not complete. Speculation Gain b. Determine the effects of this speculation on 20x2 income before income taxes. X Answer is not complete. Speculation LOSS