1. On December 1, 2008, Denizen Corporation entered into a 120-day forward contract to purchase 20,000 Canadian dollars (C$). Denizen%u2019s fiscal year ends on December 31. The forward contract was...

1. On December 1, 2008, Denizen Corporation entered into a 120-day forward contract to purchase 20,000 Canadian dollars (C$). Denizen%u2019s fiscal year ends on December 31. The forward contract was to hedge a firm commitment agreement made on December 1, 2008, to purchase electronic goods on January 30, 2009, with payment due on March 31, 2009. The derivative is designated as a fair value hedge. The direct exchange rates follow:

Prepare all journal entries for Denizen Corporation