On September 20, 2020, Novak Ltd. entered into a forward contract with the local bank to purchase 19,200 (euros) for $ 25,500 Canadian dollars in two months time. On September 30, Novaks year-end, the fair value of the forward contract (representing the present value of the contracts future cash flows) was $ 160. Prepare the journal entries on September 20 and September 30, 2020.