Ping is an international golf club manufacturer that was recently approached to sell a bulk order of clubs to Kangaroo, an Australian golf retailer. Ping was contracted by Kangaroo on August 31, 2020 to sell the clubs at a price of AUD $150,000. The contract stated that Ping must deliver the clubs on December 1, 2020 and that payment would be sent by Kangaroo on that day as well. On August 31, 2020, Ping entered into a forward contract to exchange $150,000 AUD on December 1, 2020 at a rate of 1AUD $0.95. Ping's year-end is October 31" and the exchange rates relevant to this situation are as follows: Spot Rate Forward Rate August 31, 2020 1AUD $0.97 1AUD $0.95 October 31, 2020 1AUD $0.93 1AUD $0.91 December 1, 2020 IAUD $0.98 1AUD $0.98 Required Prepare the journal entries from August 31, 2020 to December 31, 2020 for all the items above. Note, Ping has designated this as a cash flow hedge and is using hedge accounting. Ensure you explain the allocation of the premium or discount and use the net method for your journal entries