4 5 points eBook Print References Exercise 11-17 (Static) Gain or Loss on Speculative Forward Exchange Contract LO 11-3 On December 1, 20X1, Sycamore Company acquired a 90-day speculative forward contract to sell 120,000 at a forward rate of 1= $0.58. The rates are as follows: Date December 1, 20x1 December 31, 20x1 March 1, 20x2 Required: Forward Rate for March 1 Spot Rate 1 $0.60 1 = 0.59 1 $0.58 1 = 0.56 1 = 0.57 a. Determine the effects of this speculation on 20X1 income before income taxes. b. Determine the effects of this speculation on 20X2 income before income taxes. Complete this question by entering your answers in the tabs below. Required A Required B In which currency is the transaction denominated? Speculation < Required A Required B >