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7. On January 31, 2020 Fred has a 40,000 foreign currency denominated Accounts Payable due in 1 month. The following exchange rates were in effect. January 31, 2020 : spot rate 5 US = 1 FC January 31, 2020: one month forward rate 2.5 US = 1FC February 28, 2020 spot rate 4 US = 1 FC February 28, 2020 one month forward rate 3 US = 1FC Show the journal entry required at February 28, 2020 for the FX gain or loss. Answer. Dr. Cr. S