Part IV: On 11/1/2017, a company forecasted the sale of inventory to a foreign customer for 800,000 FCU. It was estimated that the inventory would be delivered and paid on 3/20/2018. Also, on 11/1/2017, the company purchased a put option to sell 800,000 FCU at a strike price of $0.842 expiring end of 2018. An option premium of $5,000 was paid. 1-Nov 31-Dec 20-Mar Spot Rates $0.820 $0.835 $0.830 FV of Option $5,000 $4,200 Required: Prepare the journal entries required on the dates listed! 1. Assuming that on 3/20/2018 the option was exercised, and the inventory delivered and paid. 2. Assuming that the spot rate on 3/20/2018 is $0.845