Speculative Forward Exchange Contract; Intervening Balance Sheet Date A U.S. speculator enters a forward contract on December 1, 19X1 to purchase 50, 000 German marks for delivery in two months. On December 1, the spot rate for the mark was $.49, and the two-month forward rate was $.51. CHAPTER 13 The U.S. speculator's fiscal period ends December 31, 19X1, at which time the spot rate for the mark was $.50 and the forward rate for a one-month delivery was $.53. On February 1, 19X2, the spot rate for the mark was $.52. REQUIRED Prepare entries to be recorded by the U.S. speculator on December 1, 19X1, December 31, 19X1, and February 1, 19X2