Question 1 On September 1,20x1, Norton Company, a U.S. based manufacturer, sold inventory to a customer located outside of the U.S. In conjunction with their foreign sale, and to facilitate entering into the foreign market, Norton Company agreed to accept the customer's currency, which is designated as foreign currency units or "FCUs." The agreed selling price = 100,000 FCUs or $65,000, at the related spot rate. The spot rates and forward rates on various dates relevant to this transaction are: Date September 1, 20x1 December 31, 20x1 February 1, 20x2 Spot Exchange Rate $0.65 =1 FCU $0.68 = 1 FCU $0.67 = 1 FCU For this transaction, ignore any present value adjustments, if applicable. Required Assuming the customer makes its payment on February 1, 20x2, as agreed: Prepare Norton Company's journal entries related to the sale at: a. September 1, 20x1. b. December 31, 20x1. c. February 1, 20x2.