Hedged Sale Commitment and Foreign-Currency-Denominated Asset The Stanley Company, a calendar-year U.S. corporation, manufactures various filter materials. On April 15, 2013, Stanley received an order from a diamond-mining company in South Africa for a large quantity of reusable filters to be used in the dust masks of diamond miners. The total price in rands (R) was Rl, 000,000. Stanley shipped the filters on April 30, 2013, and payment was received in rands on May 15, 2013. Upon receipt of the sales order, Stanley immediately sold Rl, 000,000 for delivery in 30 days. Relevant exchange rates ($/R) are shown below:

Required
Prepare the journal entries made by Stanley to record the above events.

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Forward Rate for Delivery on May 15, 2013 Spot Rate April 30, 2013. May 15, 2013. 0.146 0.149 $0.140 0.148 0.149