Problem 1 Sabin enterprises a US company that produces electronic switches for the telecommunications industry regularly important component parts from a supplier located in Mexico and make payments in Mexican pesos on December 1 Sabin imports parts from its Mexican supplier. Any price of 1 million Mexican pesos a receives the parts on December 1 but Does not pay for them until March 1 of the following year in addition on December 1 Sabin enters into a forward contract to purchase 1 million pesos on March 1 of the following year in a properly designate forward contract as a cash flow hedge of the Mexican peso liability exposure. The following spot exchanges rates and foreign exchange rates are available. 1. At what amount will Saban enterprises report the accounts payable related to this transaction on his December 31 balance sheet 2. Assuming that Sabin Enterprises designate the forward contract as a cash flow hedge of a foreign currency payment and recognizes any premium or discount using the straight-line method, prepare the journal entries for these transactions in US dollars through March 1 the settlement date