Question: Journal Entries-Speculation Using a Forward Contract Use the data given in Exercise 12-9, except assume that on November 1, Sitco Products entered into a 90-day

Journal Entries-Speculation Using a Forward Contract Use the data given in Exercise 12-9, except assume that on November 1, Sitco Products entered into a 90-day forward contract to buy 900,000 Swedish kronas on January 30 for $.5085 per krona.

Required:

Prepare all necessary journal entries in regard to the forward contract.

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