Jerber Electronics Inc. sold electrical equipment to a Dutch company for 66,000 guilders (G) on May 14, with collection due in 60 days On the same day, Jerber entered into a 60-day forward contract to sell 66,000 guilders at a forward rate of G1 = $0.557. The forward contract is not designated as a hedge. Jerber's fiscal year ends on June 30. The forward rate on June 30 for an exchange on July 13 is G1 = $0.524. The spot rates follow May 14 June 30 July 13 61 - $8.524 GI -0.527 61 -0.518 Required: a Prepare journal entries for Jerber to record (1) the sale of equipment (2) the forward contract, (3) the adjusting entries on June 30.(4) the July 13 collection of the receivable, and (5) the July settlement of the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 5 6 7 9 Record the foreign currency sale att Enter du before rett General Journal Deble Credit May 14 Required: a. Prepare journal entries for Jerber to record (1) the sale of equipment, (2) the forward contract, (3) the adjusting entries on June 30.(4) the July 13 collection of the receivable, and (5) the July settlement of the forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 4 5 6 7 9 Record the foreign currency sale. Note: Enter debts before credits Date May 14 General Journal Debit Credit Record entry Clear entry Veral b. What was the effect on the income statement in the fiscal year ending June 30? Effect on income Net increase c. What was the overall effect of this transaction on the income statement? Overall effect Gain L. Wildl was die veld CCLLUR udidLUURT 11 LEILUTES Overall elled Gain d. What would have been the overall effect on income if the forward contract had not been acquired? Overall ettect Loss