On December 1, 20X1, Sycamore Company acquired a 90-day speculative forward contract to sell 145,000 at a forward rate of 1= $0.54. The rates are as follows: Forward Rate Date Spot Rate December 1, 20x1 1-$0.56 for March 1 1-$0.54 December 31, 20x1 1-0.55 1-0.52 March 1, 20x2 1-0.53 Required: a. Determine the effects of this speculation on 20X1 income before income taxes. Speculation i b. Determine the effects of this speculation on 20X2 income before income taxes. Speculation