write all the jounal entries

10. On December 1, 2011, Barnum Company (a US-based company) entered into a three-month forward contract to purchase 1,000,000 ringgits on March 1, 2012. The following U.S. dollar per ringgit exchange rates apply: Date December 1, 2011 December 31, 2011 March 1, 2012 Spot Rate $0044 0,040 0.038 Forward Rate (to March 1, 2012) $0.042 0037 NA Barnum's incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803 Which of the following correctly describes the manner in which Barnum Company will report the forward contract on its December 31, 2011, balance sheet? a. As an asset in the amount of $1.960.60. b. As an asset in the amount of $3,921.20. c. As a liability in the amount of 56,862.10. d. As a liability in the amount of $4,901.50