On December 1, 20X1, Micro World Inc. entered into a 120-day forward contract to purchase 120,000 Australian dollars (A$). Micro World's fiscal year ends on December 31. The direct exchange rates follow: Date December 1, 20X1 December 31, 20x1 January 30, 20X2 March 31, 20X2 Spot Rate $0.600 0.610 0.608 0.602 Forward Rate for March 31, 20X2 $0.609 0.612 0.605 Required: Prepare all journal entries for Micro World Inc. for the following independent situations: e. Assume that interest is significant and the time value of money is considered in valuing the forward contract. Use a 12 percent annual interest rate. Prepare all journal entries required if, as in requirement (a), the forward contract was to manage the foreign currency-denominated payable from the purchase of furniture for 120,000 Australian dollars on December 1, 20X1, with payment due on March 31, 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to nearest whole amount and use these values in subsequent computations.) Journal entry worksheet 2 3 4 5 6 7 8 9 10 > Record the foreign currency payable. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 1, 20X1 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the forward exchange contract signed to hedge the exposed foreign currency payable. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 1, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the revaluation of the foreign currency payable. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the revaluation of the foreign currency receivable. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the revaluation of the foreign currency receivable to the current U.S. dollar equivalency. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 30, 20X2 Record entry Clear entry View general journal Journal entry worksheet Record the revaluation of the foreign currency receivable. Note: Enter debits before credits. Date General Journal Debit Credit Mar. 31, 20X2 Record entry Clear entry View general journal Journal entry worksheet Record the revaluation of the foreign currency payable. Note: Enter debits before credits. Date General Journal Debit Credit Mar. 31, 20X2 Record entry Clear entry View general journal Journal entry worksheet Record the delivery of U.S. dollars to an exchange broker as required by the forward contract. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 31, 20X2 Record entry Clear entry View general journal Journal entry worksheet