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:

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.

Please help, as I am unable to understand how to find these answers.

Forward rate for delivery March 15, 2021 $1.3161 Spot rate $1.3160 1.3162 1.3165 1.3180 December 10, 2020 December 31, 2020 January 15, 2021 March 15, 2021 1.3163 1.3167 Credit Debit 2,000 0 0 2,000 2,000 0 0 2,000 * ov 0 0 x 0 0 13,165,000 0 0 13,165,000 Date Description 12/31/20 Exchange loss Investment in forward contract To record loss on forward contract. Firm commitment Exchange gain To record gain on U.S. dollar value of the firm commitment. 1/15/21 Exchange loss Investment in forward contract To record loss on forward contract. Firm commitment Exchange gain To record gain or loss on U.S. dollar value of the firm commitment. Accounts receivable Sales revenue To record delivery of goods to the customer. Sales revenue Firm commitment To adjust sales revenue for the change in value of the firm commitment. 3/15/21 Accounts receivable Exchange gain To record gain or loss on accounts receivable. Exchange loss Investment in forward contract To record loss on forward contract. Foreign currency Accounts receivable To record receipt of pounds from the U.K. customer. Cash Investment in forward contract Foreign currency To record delivery of the currency to the dealer, and settlement of the forward contract. 0 0 x 0 0 OX 0 Ox 0 0 OX 0 0 0 1,303,000 X