On November 1, 2018, Americo, Corporation sold wine on credit to Venezia Company for 620,000. Payment is not due for 120 days. Thus, the transaction will be settled on February 28, 2019. On November 1, 2018, Americo, Corporation also entered into a 120-day forward contract to sell 620,000. The forward contract is not designated as a hedge. The direct exchange rates were as follows: 11/1/2018 $ 12/31/2018 $ 2/28/2019 $ SPOT 1.11 $ 1.13 $ 1.09 FORWARD 1.12 (120 days) 1.15 (60 days) REQUIRED: Prepare the required information below for both the original (underlying) transaction and the related forward contract. BE SURE TO CLEARLY SHOW ALL OF YOUR WORK. JOURNAL ENTRIES AT NOVEMBER 1, 2018 (TRANSACTION DATE): Foreign Currency Transaction Forward Contract DECEMBER 31, 2018 (YEAR-END): JOURNAL ENTRIES: Foreign Currency Transaction Forward Contract FINANCIAL STATEMENT PRESENTATION INCOME STATEMENT BALANCE SHEET JOURNAL ENTRIES AT FEBRUARY 28, 2019 SETTLEMENT DATE): Foreign Currency Transaction Forward Contract On November 1, 2018, Americo, Corporation sold wine on credit to Venezia Company for 620,000. Payment is not due for 120 days. Thus, the transaction will be settled on February 28, 2019. On November 1, 2018, Americo, Corporation also entered into a 120-day forward contract to sell 620,000. The forward contract is not designated as a hedge. The direct exchange rates were as follows: 11/1/2018 $ 12/31/2018 $ 2/28/2019 $ SPOT 1.11 $ 1.13 $ 1.09 FORWARD 1.12 (120 days) 1.15 (60 days) REQUIRED: Prepare the required information below for both the original (underlying) transaction and the related forward contract. BE SURE TO CLEARLY SHOW ALL OF YOUR WORK. JOURNAL ENTRIES AT NOVEMBER 1, 2018 (TRANSACTION DATE): Foreign Currency Transaction Forward Contract DECEMBER 31, 2018 (YEAR-END): JOURNAL ENTRIES: Foreign Currency Transaction Forward Contract FINANCIAL STATEMENT PRESENTATION INCOME STATEMENT BALANCE SHEET JOURNAL ENTRIES AT FEBRUARY 28, 2019 SETTLEMENT DATE): Foreign Currency Transaction Forward Contract