Import/Export Transactions and Hedged Commitment The following international transactions were entered into during 2013 by Sysco Corporation, the largest foodservice distributor in North America:
1. June 15, 2013: Entered into a firm commitment to purchase frozen pasta entrees from Italy which will be resold in the United States. The invoice price was €4,000,000, and delivery and payment were to be made in 60 days. Concurrently, €4,000,000 was purchased in the forward market for delivery in 60 days at the forward rate of $1.45. The goods were received, payment was made, and the forward contract was settled on August 14, 2013, when the spot rate was $1.43.
September 1, 2013: Canned products priced at 3,000,000 zloty were sold to a food distributor in Po-land when the spot rate was $0.38. Payment was received on November 3, 2013, when the spot rate was $0.36, and the zloty were immediately converted to dollars.
Required
Prepare the 2013 journal entries made by Sysco Corporation relating to the above transactions. Sysco is a calendar year company.