On December 1, 2008, Secure Company bought a 90-day forward contract to purchase 200,000 euros (€) at a forward rate of €1 = $1.35 when the spot rate was $1.33. Other exchange rates were as follows: 
Required:
1) Prepare all journal entries related to Secure Company's foreign currency speculation from December 1, 2008, through March 1, 2009, assuming the fiscal year ends on December 31, 2008.
2) Did the company gain or lose on its purchase of the forward contract?
Definitions:
Monopoly
A market structure characterized by a single seller dominating the market, without any close substitutes.
Original Treatment
This could refer to the initial set of conditions or interventions in an experiment or study, especially before any variables are changed for further testing.
Compensating Differential
A difference in wages that arises from non-monetary characteristics of different jobs, such as risk or undesirable location.
Baker
A person who primarily bakes and sells bread, pastries, and other baked goods as their profession.
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