P 13-1 Journal entries and adjusting entries of foreign currency commitment Sean, Inc., a retailer based in the United States, entered into a forward contract with 250.000, payable in 90 days to Queen NV in the Netherlands to hedge its purchase transaction on November 1, 2014. The 90-day forward contract allowed net settlement. Assume a 12 percent interest rate annually. Selected exchange rates for the euro are as follows: Nov 1, 2014 Dec 31, 2014 Jan 30, 2015 SO 80 S0.82 Spot rate 90-day forward rate 30-day forward rate $0.78 S0.75 50.79 REQUIRED: Prepare all joumal entries and adjusting entries to account for the transaction above