On December 1, 20X8, Denizen Corporation entered into a 120-day forward contract to purchase 200,000 Canadian dollars (C$). Denizen's fiscal year ends on December 31. The forward contract was to hedge a firm commitment agreement made on December 1, 20X8, to purchase electronic goods on January 30, with payment due on March 31, 20X8. The derivative is designated as a fair value hedge. The direct exchange rates follow: 
Required:
Prepare all journal entries for Denizen Corporation.
Definitions:
Coinsurance Clause
A provision in an insurance policy requiring the policyholder to bear a portion of the covered losses in exchange for a lower premium.
Insurance Company
A business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments.
Fire Damages
The losses or destruction caused to property, goods, or assets as a result of fire.
Coinsurance Clause
A provision in an insurance policy that requires the policyholder to bear a portion of the loss in proportion to the coverage amount, encouraging them to insure the property to its full value.
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