Shannon Company contracts to sell on September 1, 2022 equipment to a German purchaser. The price of the equipment is 200,000 and the bill will be settled in Euros.  The future transaction is viewed as a firm commitment. Shannon enters into a forward contract to sell the acquired Euros on March 1 at the 180 day forward rate.

		Sep 1	Dec 31	March 1
Spot		$1.35	$1.34	$1.25
180 day forward	$1.33	$1.31	$1.22
60 day forward	$1.32	$1.28	$1.23

Record the entries needed on September 1.

Record the entries needed at year end, December 31.

Record the entries needed on March 1.