1-7 i need help with

Merit \& Family purchased engines from Canada for 40,000 Canadian dollars on March 10 with payment due on June 8 . Also, on March 10, Merit acquired a 90-day forward contract to purchase 40,000 Canadian dollars at C$1=$0.50. The forward contract was acquired to manage Merit \& Family's exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates were Required: Prepare journal entries for Merit \& Family to record the purchase of the engines, entries associated with the forward contract, and entries for the payment of the foreign currency payable. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Merit \& Family purchased engines from Canada for 40,000 Canadlan dollars on March 10 with payment due on June 8 . Also, on March 10. Merit acquired a 90 -day forward contract to purchase 40,000 Canadian dollars at C$1=$0.50. The forward contract was acquired to manage Merit \& Family's exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates were March10June8c$1=$0.49c$1=$0.52 Prepare journal entries for Merit \& Family to record the purchase of the engines, entries associated with the forward contract, and Required: entries for the payment of the foreign currency payable. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet (5) (6)> Record the entry for the 90-day forward exchange contract signed to receive Canadian doliars. Note: Enter debits before credits. Merit \& Family purchased engines from Canada for 40,000 Canadian dollars on March 10 with payment due on June 8. Also, on March 10, Merit acquired a 90 -day forward contract to purchase 40,000 Canadian dollars at C$1=$0.50. The forward contract was acquired to manage Merit \& Family's exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates were March10June8c$1=$0,49c$1=$0,52 Required: Prepare journal entries for Merit \& Family to record the purchase of the engines, entries assoclated with the forward contract, and entries for the payment of the foreign currency payable. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet (1) 2 (5) 6 (6) Record the entry to revalue the forelgn currency recelvable to the current equivalent U.S. dollar value. Notet Enter debts before credth