On January 1, 2020, Cullumber Inc. agrees to buy 3 kg of gold at $38,000 per kilogram from Golden Corp on April 1, 2020, but does not intend to take delivery of the gold. On the day that the contract was entered into the fair value of this forward contract was zero. The fair value of the forward subsequently fluctuated as follows: Date January 20, 2020 February 6, 2020 February 28, 2020 March 14, 2020 Fair Value of Forward Contract $537 $120 $368 $830 On the settlement date, the spot price of gold is $39.000 per kilogram. Assume that Cullumber complies with IFRS. Prepare the journal entry for the day the forward contract was signed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date January 1. 2020 Prepare the journal entries to recognize the changes in the fair value of the forward contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Record journal in the order presented in the Date Account Titles and Explanation Debit Credit Prepare the journal entry that would be required if Cullumber settled the contract on a net basis on April 1, 2020. (Credit account tities are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date April 1 2020