Exercise 12-9 Your answer is partially correct. Try again. Sharon Myers, chief finance officer for Sitco Products, convinced the president of the company to enter into a 90-day forward contract to sell 870,000 Swedish kronas as a speculative venture. When the forward contract was acquired on November 1, 2014, the spot rate for the krona was $0.5045 and the 90-day future rate was $0.5085. At December 31, 2014, the end of the firm's fiscal year, the spot rate was $0.4981 and the future rate for kronas to be sold on January 30, 2015, was $0.4996. On January 30, 2015, the spot rate was $0.4826. Prepare all necessary journal entries in regard to the forward contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Nov. 1 FC Contract 442395 > FC Payable to Exchange 442395 Dec. 31 EFC Contract 72123 X Foreign Exchange Gain 72123 Jan. 30 FC Receivable from Exchar 14790 14790 Foreign Exchange Gain (To record gain or loss on foreign currency) TAccounts Receivable Accounts Payable (To record conversion of pounds into cash) man X X X Exercise 12-9 Your answer is partially correct. Try again. Sharon Myers, chief finance officer for Sitco Products, convinced the president of the company to enter into a 90-day forward contract to sell 870,000 Swedish kronas as a speculative venture. When the forward contract was acquired on November 1, 2014, the spot rate for the krona was $0.5045 and the 90-day future rate was $0.5085. At December 31, 2014, the end of the firm's fiscal year, the spot rate was $0.4981 and the future rate for kronas to be sold on January 30, 2015, was $0.4996. On January 30, 2015, the spot rate was $0.4826. Prepare all necessary journal entries in regard to the forward contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Nov. 1 FC Contract 442395 > FC Payable to Exchange 442395 Dec. 31 EFC Contract 72123 X Foreign Exchange Gain 72123 Jan. 30 FC Receivable from Exchar 14790 14790 Foreign Exchange Gain (To record gain or loss on foreign currency) TAccounts Receivable Accounts Payable (To record conversion of pounds into cash) man X X X