Question Two (6 marks) 1. On December 1, 2021, a US firm sell 300 units of inventory to a French firm for 300.00 to be received on March 1, 2022. 2. The firm's fiscal year-end is December 31. 3. On December 1, 2021, the US firm entered into a forward contract to sell 300,000 om March 1, 2022, for $1.12. 4. The spot and forward rates for euros at various times are as follows: Spot rate Forward rates December 1, 2021 1-$1.09 1-$1.12 December 31, 2021 1-$1.11 1-$1.14 March 1, 2022 1-$1.08 1-$1.08 Instructions Prepare the journal entries required to record the transactions in the US firm. Answer