Problem III: (Forecasted Transaction) U.S. Corporation planned on November 1, 2017 to sell two machines to International Company, for 1,000,000 foreign currency units (FCU). The machines were to be delivered and the amount collected on March 1, 2018. In order to hedge its "forecasted" transaction, U.S. entered on November 1, 2017, into a forward contract to sell 1,000,000 FCU on March 1, 2018. The forward contract met all conditions for hedging a foreign currency forecasted" transaction Selected exchange rates for FCU at various dates were: Forward Rate Date Spot Rate (Delivery on 3/1/2018) 11/1/2017 $0.6624 $0.6622 12/31/2017 $0.6875 80.6870 3/1/2018 $0.6750 Instructions: Prepare all journal entries relative to the above on the following dates: 1. November 1, 2017 I 2. Year-end adjustments on December 31, 2017. 3. March 1, 2018. (Include all adjustments related to the forward contract)