On January 1, 2020, Sheridan Inc. agrees to buy 3 kg of gold at $34,000 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		Fair Value of Forward Contract
January 20, 2020		$546
February 6, 2020		$126
February 28, 2020		$370
March 14, 2020		$800

On the settlement date, the spot price of gold is $35,000 per kilogram. Assume that Sheridan 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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
January 1, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

SHOW LIST OF ACCOUNTS

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 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date January 20, 2020February 6, 2020February 28, 2020March 14, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

SHOW LIST OF ACCOUNTS

Prepare the journal entry that would be required if Sheridan settled the contract on a net basis on April 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
April 1, 2020	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title