On June 25, 2017, GlobalAgra Inc., a U.S. company, received a purchase order from a Swiss customer for delivery of merchandise on July 10, 2017, at a price of CHF10,000,000, payable in Swiss francs (CHF) on September 10, 2017. To hedge its exposure to exchange rate changes, on June 25, 2017, GlobalAgra entered a forward contract for delivery of CHF10,000,000 to the broker on September 10, 2017. The merchandise was delivered as scheduled. On September 10, 2017, GlobalAgra received payment from the customer, and delivered the Swiss francs to the broker to close the forward contract. GlobalAgra’s accounting year ends December 31. Exchange rates (\($/£)\) are as follows:

Required 

Prepare the journal entries GlobalAgra made on July 10, 2017, and September 10, 2017, to record the above transactions.

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June 25, 2017. July 10, 2017 September 10, 2017. Spot rate $1.0506 1.0510 1.0512 Forward rate for delivery September 10, 2017 $1.0507 1.0511 -