On November 1, 2003, a U.S. company purchased merchandise from a Norwegian company for 1, 400,000 krone. The payable was denominated in krone. On the transaction date, the spot rate for krone was 1 krone = $.14. To protect itself against weakening of the krone, the Chicago firm entered into a forward exchange contract to acquire 1, 400,000 krone on January 30, 2004, the settlement date for the sale. The 90-day forward exchange rate specified in the contract was1 krone = $.139. Exchange rates on December 31, 2003 and January 30, 2004 were as follows: Record all journal entries (show all computations) on the books of the U.S. Co. on 11/01/03, 12/31/03 (balance sheet date) and 1/30/04