4:43 50% 100 when the account was setu: EXERCISE 11-8 Fair Value Hedge (Unrecognized Firm Commitment) LO 6 Vanderbilt Clothing Company placed a clothing order with a company located in Taiwan. The order was placed on November 1, 2024, for delivery on May 1, 2025. Vanderbilt agreed to pay for the goods on May 1, 2025, with the delivery of 5,000,000 Taiwan dollars. To protect against fluctuations in the exchange rate, the company entered into a forward contract on November 1, 2024, to buy 5,000,000 Taiwan dollars on May 1, 2025, for $.02634 per unit. Direct exchange rates per Taiwan dollar on specific dates are as follows: Date Spot Forward Rate- Rate Maturity May 1 November $.02631 $.02634 1, 2024 December .02740 .02735 21.2024 4:44 ll 5G 100 goous on May 1, 2025, win the delivery of 5,000,000 Taiwan dollars. To protect against fluctuations in the exchange rate, the company entered into a forward contract on November 1, 2024, to buy 5,000,000 Taiwan dollars on May 1, 2025, for $.02634 per unit. Direct exchange rates per Taiwan dollar on specific dates are as follows: Date Spot Forward Rate- Rate Maturity May 1 November $.02631 $.02634 1, 2024 December .02740 .02735 31, 2024 May 1, .02591 2025 Required: Prepare the journal entries to be made by Vanderbilt Clothing Company during 2024 and 2025 to account for the transactions described above. EXERCISE 11-9