Please solve

ACCT 5531 International Accounting '8 (7) Fall 2020 Final Exam Part B 03/31/Y2 Entry 1 (9) 13000 Student Name: (10) 13000 Entry 2 (11) 13000 1. The Budvar company sold parts to a foreign customer on December 1, Year 1, with (12) 13000 payment of 100,000 crowns to be received on March 31, Year 2. Budvar enters into a forward contract on December 1, Year 1, to sell 100,000 crowns on March 31, Year 2. Entry 3 Forward contract (13) Relevant exchange rates for the crown on various dates are as follows: Date Forward Rate AOCI (13) Spot Rate (to March 31, Year 2) December 1, Year 1 $1.00 $0.96 Entry 4 Discount expense (15) December 31, Year 1 $0.9 $0.91 (14) (15) March 31, Year 2 $0.85 Entry 5 Foreign currency (17) Budvar's incremental borrowing rate is 12 percent. The present value factor the three (16) (17) months at an annual interest rate of 12 percent (1 percent per month) is 0.9706. Budvar must close its books and prepare financial statements at December 31. Entry 6 (18) (19 Assuming that Budvar designates the forward contract as a cash flow hedge of a foreign Forward contract (20) currency receivable, in the following table, please finish the journal entries for these Foreign currency 85000 transactions in U.S. dollars Note: please fill in the twenty white blanks labelled with numbers, e.g. (1), (2), ....... (20). Debit account Credit account name name Debit amount Credit amou 12/1/Y1 Entry 1 (1) 100,000 (2) 100,000 12/31/Y1| Entry 1 (3) 2000 Account Receivable 2000 Entry 2 (4) 2000 (5) 2000 Entry 3 Forward contract (6) AOCI (6) Entry 4 Discount expense (7)