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Pottery Corporation sells many of its pottery overseas. The following transaction took place On April...

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Accounting

Pottery Corporation sells many of its pottery overseas. The following transaction took place On April 13, Pottery sold pottery planters to a company in Spain for 40,000 with payment due on June 15. Also on April 13, Pottery entered into a 60 day forward contract to sell 40,000 at a forward rate of 1 = 1.350. The forward contract is not designated as a hedge. The spot rates follow: April 13 1 = 1.343 June 15 1 = 1.348 Required: Journal entries for the transactions.

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