On November I, 2015 Anderson Co., a manufacture in BC, received a sales order to sell merchandize to Tosca Co. in Italy. The selling p1ice was determined to be 400,000 Euro. The merchandise was to be delivered on February 15th, 2016 with payment due on delivery. On November I, 2013 Anderson arranged a forward contract to deliver 400,000 Euro on February 151h, 2016 at a rate ofEUR 1 = $1.44. Anderson's year-end is December 3 pt_ Date November 1, 201 5 December 31, 2015 February 15, 2016 Spot rate EUR 1 = $1.42 EUR 1 = $1.28 EUR 1 = $1.34 Forward rate EUR 1 = $1.44 EUR l ,; $1.30 EUR 1 = $1.34 Required Prepare the adjusting entries for 2015 and 2016 all events i) if the fonvard contract is designated as a cash flow hedge, ii) if the forward contract is designated as a fair value hedge and iii) if no hedge accounting is used b) PrepareseparatepartialtrialbalanceasatDecember31,2015fori)ifthe forward contract is designated as a cash flow hedge, ii) if the forward contract is designated as a fair value hedge and iii) if no hedge accounting is used.