Instruction 1. It is an individual assignment. 2. The due date is April 15, 2020. Question On December 1, 20X8, Abacus Industries Limited, a company based in the United States of America, purchases goods on account from German Industries amounting to 200,000 euros (). In order to offsets its exposed foreign currency liability, Abacus Industries Limited bought a 90-day forward contract to purchase 200,000 euros () at a forward rate of 1 = $1.35 when the spot rate was $1.33. Other exchange rates were as follows: Forward Rate for Spot Rate March 1, 20X9 $1.34 $1.36 1.33 December 31, 20X8 March 1, 20X9 Required: a. Prepare all journal entries related to Secure Company's foreign currency speculation from December 1, 20X8, through March 1, 20X9, assuming the fiscal year ends on December 31, 20X8. b. Did the company gain or lose on its purchase of the forward contract