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On 1 January 20x0, Entity A enters into a forward contract to buy 1,000 of...

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Accounting

On 1 January 20x0, Entity A enters into a forward contract to buy 1,000 of its own ordinary shares on 31 March 20x1 at a fixed price of $18 per share. The contract are net settled in cash. On 31 December 20x0, the market price per share was $24. On 31 March 20x1, the market price per share was $22. Required: Prepare journal entries for 1 January and 31 December in 20x0 and 31 March in 20x1.

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