Blue & Green, Inc ?
Required:
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Prepare the Journal Entries for December 1

Blue & Green, Inc.sold merchandise for 100,000 FC to a foreign vendor on December 1, 2020.Payment in FC is due January 31, 2021.On December 1, 2020, Blue & Green purchased an option for $500 to sell 100,000 FC at $1.45 on January 30, 2021.Exchange rates to sell 1 FC are as follows:
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Fiscal Year End is 12/31.
$$\begin{array} { l c c } \text { Date } & \text { Spot Rate } & \text { Option Value } \\\hline 12 / 1 / 20 & \$ 1.45 & \$ 500 \\12 / 31 / 20 & \$ 1.43 & \$ 2,200 \\1 / 31 / 21 & \$ 1.41 & \$ 4,000\end{array}$$ ?
Required:
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Prepare the journal entries for December 1 through January 31 related to the events described above.Ignore Cost of Goods Sold.