Time left 0:24:26 Question 2 Not yet answered Marked out of 25.00 P Flag question Wild West, Incorporated (a U.S. corporation) sold inventory to a company in the Philippines for 1,600,000 pesos on account on February 1, 2014, with payment expected in 90 days. Wild West entered into a forward contract to hedge this transaction, and properly accounts for the transaction as a cash flow hedge. . The forward contract is settled net. The relevant exchange rates are shown below: Forward Rate to Spot Rate May 2, 2014 February 1, 2014 $0.0229 = 1 peso $0.0270 = 1 peso March 31, 2014 $0.0254 = 1 peso $0.0268 = 1 peso May 2, 2014 $0.0280 = 1 peso $0.0280 = 1 peso Required: Record the journal entries needed by Wild West on February 1, March 31, and May 2. Round all entries to the nearest whole dollar. (note first button at top gives you more button options including to Insert table below table was taken from word and Inserted below Time left 0:24:26 Question 2 Not yet answered Marked out of 25.00 P Flag question Wild West, Incorporated (a U.S. corporation) sold inventory to a company in the Philippines for 1,600,000 pesos on account on February 1, 2014, with payment expected in 90 days. Wild West entered into a forward contract to hedge this transaction, and properly accounts for the transaction as a cash flow hedge. . The forward contract is settled net. The relevant exchange rates are shown below: Forward Rate to Spot Rate May 2, 2014 February 1, 2014 $0.0229 = 1 peso $0.0270 = 1 peso March 31, 2014 $0.0254 = 1 peso $0.0268 = 1 peso May 2, 2014 $0.0280 = 1 peso $0.0280 = 1 peso Required: Record the journal entries needed by Wild West on February 1, March 31, and May 2. Round all entries to the nearest whole dollar. (note first button at top gives you more button options including to Insert table below table was taken from word and Inserted below