TAR Help Seve Subm 4 On October 1, 2020, Mertag Companyia US-based company receives an order from a customer in Poland to deliver goodson January 31, 2021, for a price of 1,016,000 Polish zloty (PLN Mertag enters into a forward contact on October 1, 2020. to sell PLN 1,016,000 in four months fon January 31 2020. US dollar-Polish zloty exchange rates are as follows 25 points Date OST 3. 3020 Der 31, 2016 January 31, 2021 porte 10.25 0.23 0:30 Torward te ito ay 31, 2013 10. 0.33 N/A Swed Mertag designates the forward contract as a fair value hedge of a foreign currency comment. The fair value of the firm commitment is measured by referring to changes in the forward rate, and therefore, forward points are included in assessing hedge effectiveness. Mertag must close its books and prepare financial statements on December 31 Occounting to present value can be ignored a. Prepare journal entries for the foreign currency forward contract, foreign currency in comment and export sale b. Determine the net benefit. If any, realized by Mertag from entering into the forward contratt Complete this question by entering your answers in the tabs below. Required A Required Prepare journal entries for the foreign currency forward contract, foreign currency comment, and export sale of round intermediate calculations. If no entry is required for a transaction event, selected the courte View transactions Journal entry worksheet > 5 7 4 of NON Pre entry worksheet Record the sale and receipt of PLN. Note: Enter debits before credits. Date General Journal Debit Credit 01/31/2021 Record entry Clear entry View general Journal Journal entry worksheet Record settlement of forward contract. Note: Enter debits before credits. General Journal Date 01/31/2021 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 5 7 4 of NON Pre entry worksheet Record the sale and receipt of PLN. Note: Enter debits before credits. Date General Journal Debit Credit 01/31/2021 Record entry Clear entry View general Journal Journal entry worksheet Record settlement of forward contract. Note: Enter debits before credits. General Journal Date 01/31/2021 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet