On December $1,20$X$1,$ Micro World Incorporation entered Into a $120-$day forward contract to sell $100,000$ Australian dollars $($A$$).$ Micro World's fiscal year ends on December $31.$ The direct exchange rates follow:

$\backslash$table$[[$Date$,$Spot Rate,$\backslash$table$[[$Forward Rate for$],[$March $31,29\backslash$times $2]]],[$Decenber $1,20\backslash$times $1,$$$0\mathrm{.}600,$$$0\mathrm{.}699],[$Decenber $31,20\backslash$times $1,0\mathrm{.}610,0\mathrm{.}612],[$January $30,20\backslash$times $2,0\mathrm{.}608,0\mathrm{.}605],[$March $31,26\backslash$times $2,0\mathrm{.}602,]]$

Required:

Prepare all Journal entrles for Micro World Incorporated for the following Independent situations.

The forward contract was to manage the forelgn currency risks from the sale of furniture for $A$$$100,000$ on December $1,201,$ with payment due on March $31,20$X$2$ The forward contract is not designated as a hedge.

$2$ The forward contract was to hedge an anticlpated sale of furniture on January $30.$ The sale took place on January $30$ with payment due on March $31,20$X$2.$ The derivative is designated as a cash flow hedge. The company uses the forward exchange rate to measure hedge effectlveness.

The forward contract was for speculative purposes only.

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The forward contract was to hedge an anticipated sale of fumiture on January $30.$ The sale took place on January $30$ with payment due on March $31,202.$ The derivative is designated as a cash flow hedge. The company uses the forward exchange rate to measure hedge effectiveness.

Note: If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required" in the first account field.

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$\backslash$table$[[$No$,$Date,General Journal,,Debit,Credit$],[1,$Decomber $1,20\backslash$times $1,$Accounts receivable $($A$$),\backslash$theta $,60,900\backslash$theta $,],[,$Sales,ox$,,60,90$C$],[2,$Decamber $31,20$X$,$Foreign currency transaction loss,ox$,3000,],[,$Foreign currency payable to exchange broker $($AS$),0,,300],[3,$January $30,20\backslash$times $2,$Foreign currency transaction loss,$\backslash$theta $,,],[,$Accounts payable $($A$$),\backslash$theta $,,],[4,$January $30,20\backslash$times $2,$No Transaction Recorded,,,$],[6,,,,,],[7,,,,,],[,,,,],[,,,,600],[8,$March $31,20\backslash$times $2,,,60,9000,],[,,,,60,900],[,,,,,]]$