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On 1 Nov 2016, Burwood Limited based in Australia ordered inventories to the value of US $ 3000000 on FOB destination terms. The goods are shipped on 1 April 2017 and are paid for on 30 June 2017. Burwood Limited also entered into a forward exchange contract of US $ 3000000 on 1 Nov 2016 with NYC Bank in which NYC Bank agrees to supply Burwood Limited with US $ 3000000 on 30 June 2017. Burwood Limited has a FY ending on 31 Dec.

Additional information on exchange rates

Date	Spot Rate	Forward Rate
1.11.2016	A$1 = US $ 0.89	A$1 = US $0.84
31.12.2016	A$1 = US $0.86	A$1 = US $0.82
1.04.2017	A$1 = US $0.85	A$1 = US $0.79
30.06.2017	A$1 = US $ 0.80	A$1 = US $ 0.80

Management adopts cashflow hedge accounting.

Required:

Prepare a table showing gain/losses on the hedging instrument (the forward rate contract ) and also provide necessary journal entries to record the above transactions from 1.11.2016 to 30.06.2017