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Problem 13-1 (IAA) Tagaytay Company is a golf course developer that constructs approximately 5 courses each year. On July 1, 2020, the entity has agreed to buy 5,000 trees on March 1, 2021 to be planted in the courses it intends to build To protect itself from the variability of the market price of trees, the entity entered into a forward contract with a reputable bank. The price is set at P1,500 per tree. The forward contract is designated as a cash flow hedge. If the market price on March 1, 2021 is more than P1,500, the difference is paid by the bank to the entity. On the other hand, if the market price is less than P1,500, the entity will pay the difference to the bank. The market price is P1,800 on December 31, 2020 and P1, 700 on March 1, 2021. Required: Prepare journal entries for 2020 and 2021