On January 1, 2023, Crane Inc. entered into a forward contract to purchase U.S. $5,710 for CAD $6,030 in 30 days. On January 15 , the fair value of the contract was $31 (reflecting the present value of the future cash flows under the contract). Assume that the company would like to update its records on January 15. (a) Prepare only the necessary journal entries on January 1 and 15, 2023. (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. List all debit entries before credit entries.)