On December 10, 2020, Robin Franchises, a U.S. company, received a purchase order from a U.K. customer for delivery of merchandise on January 15, 2021. The price of the merchandise is 10,000,000, payable on March 15, 2021, in pounds. To hedge its exposure to exchange rate changes, on December 10, 2020, Robin entered a forward contract for delivery of 10,000,000 to the broker on March 15, 2021. The merchandise was delivered as scheduled. On March 15, 2021, Robin received payment from the customer, and delivered the pounds to the broker to close the forward contract. Robins accounting year ends December 31. Exchange rates ($/) are as follows: Spot rate Forward rate for delivery March 15, 2021 December 10, 2020 $1.3160 $1.3161 December 31, 2020 1.3162 1.3163 January 15, 2021 1.3165 1.3167 March 15, 2021 1.3180 -- Required Prepare the journal entries Robin Franchises made on January 15, 2021 and March 15, 2021 to record the above transactions, as well as its end-of-year adjusting entries on December 31, 2020. Date Description Debit Credit 12/31/20 Answer Answer Answer Answer Answer Answer To record loss on forward contract. Answer Answer Answer Answer Answer Answer To record gain on U.S. dollar value of the firm commitment. 1/15/21 Answer Answer Answer Answer Answer Answer To record loss on forward contract. Answer Answer Answer Answer Answer Answer To record gain or loss on U.S. dollar value of the firm commitment. Answer Answer Answer Answer Answer Answer To record delivery of goods to the customer. Answer Answer Answer Answer Answer Answer To adjust sales revenue for the change in value of the firm commitment. 3/15/21 Answer Answer Answer Answer Answer Answer To record gain or loss on accounts receivable. Answer Answer Answer Answer Answer Answer To record loss on forward contract. Answer Answer Answer Answer Answer Answer To record receipt of pounds from the U.K. customer. Cash Answer Answer Answer Answer Answer Answer Answer Answer To record delivery of the currency to the dealer, and settlement of the forward contract.