On November 1, 2015 Anderson Co., a manufacture in BC, received a sales order to sell merchandize to Tosca Co. in Italy. The selling price was determined to be 400,000 Euro. The merchandise was to be delivered on February 15th, 2016 with payment due on delivery On November 1, 2013 Anderson arranged a forward contract to deliver 400,000 Euro on February 15th, 2016 at a rate of EUR 1 $1.44 Anderson's year-end is December 31st. Date November 1, 2015 December 31, 2015 February 15, 2016 Spot rate EUR 1 $1.42 EUR 1 $1.28 EUR 1 $1.34 Forward rate EUR 1- S1.44 EUR 1 $1.30 EUR 1 $1.34 Required a) Prepare the adjusting entries for 2015 and 2016 all events i) if the forward contract is designated as a cash flow hedge, ) if the forward contract is designated as a fair value hedge andii if no hedge accounting is used b) Prepare separate partial trial balance as at December 31, 2015 for i) if the forward contract is designated as a cash flow hedge, ii) if the forward contract is designated as a fair value hedge andi) if no hedge accounting is used. On November 1, 2015 Anderson Co., a manufacture in BC, received a sales order to sell merchandize to Tosca Co. in Italy. The selling price was determined to be 400,000 Euro. The merchandise was to be delivered on February 15th, 2016 with payment due on delivery On November 1, 2013 Anderson arranged a forward contract to deliver 400,000 Euro on February 15th, 2016 at a rate of EUR 1 $1.44 Anderson's year-end is December 31st. Date November 1, 2015 December 31, 2015 February 15, 2016 Spot rate EUR 1 $1.42 EUR 1 $1.28 EUR 1 $1.34 Forward rate EUR 1- S1.44 EUR 1 $1.30 EUR 1 $1.34 Required a) Prepare the adjusting entries for 2015 and 2016 all events i) if the forward contract is designated as a cash flow hedge, ) if the forward contract is designated as a fair value hedge andii if no hedge accounting is used b) Prepare separate partial trial balance as at December 31, 2015 for i) if the forward contract is designated as a cash flow hedge, ii) if the forward contract is designated as a fair value hedge andi) if no hedge accounting is used