Prepare a schedule translating the trial balance from British pounds into U.S. dollars. Assume the pound is the functional currency (translation) is the pound. Also, prepare the Statement of Retained earnings. Prepare a worksheet assuming the dollar is the functional currency and the pound is only the recording currency. On December 1, 2014, Scott sold inventory to Nina Inc. for 30,000 pound. The payment is due on January 30, 2015. To protect his asset, he entered into a forward contract to deliver the 30,000 pound and receive US currency. The relevant balances on the relevant dates are: Give the journal entries assuming the forward contract is a: a. Cash Flow hedge. b. Fair value hedge. Prepare a schedule translating the trial balance from British pounds into U.S. dollars. Assume the pound is the functional currency (translation) is the pound. Also, prepare the Statement of Retained earnings. Prepare a worksheet assuming the dollar is the functional currency and the pound is only the recording currency. On December 1, 2014, Scott sold inventory to Nina Inc. for 30,000 pound. The payment is due on January 30, 2015. To protect his asset, he entered into a forward contract to deliver the 30,000 pound and receive US currency. The relevant balances on the relevant dates are: Give the journal entries assuming the forward contract is a: a. Cash Flow hedge. b. Fair value hedge