Question 4 (15 points) ) Listen - Karma Inc. sells lumber to a number of clients around the world. On December 1, 2017 the company shipped some lumber to a client in the U.S. The selling price was established at US$600,000 with payment to be received on March 1, 2018. On December 3, 2017 the company entered into a hedge with a Canadian Bank at the 90- day forward rate of US$1 = CDN$1.275. Karma Inc. received the payment from its American client on March 1, 2018. . The company's year-end is on December 31. The two-month forward rate for US dollars was CDN$1.255 on that date (Dec.31) Selected spot rates were as follows: December 1, 2017 WUS$1 = CDN$1 2355 December 3, 2017 US$1 = CDN$1 2355 December 31, 2017 US$1 = CDN$1 2455 March 1, 2018 US$1 = CDN$1.2480 Required: Prepare all necessary journal entries on the following dates a. December 31, 2017 b. March 1, 2018