E8.10 Hedged Purchase Commitment with Adjusting Entries On May 1, 2023, Global Foods, a U.S. company with a June 30 year-end, agreed to purchase merchandise from a New Zealand supplier for NZ$1,000,000 on August 31, 2023. On May 1, Global entered a forward purchase contract that locked in the cost of the purchase at $730,000, delivered on August 31. The forward qualified as a fair value hedge of the firm commitment to buy the merchandise. On August 31, Global took delivery of the merchandise, closed the forward contract, and used the NZ$1,000,000 to pay the supplier. Exchange rates are as follows (S/NZ$): Forward Rate for Delivery August 31, 2023 May 1, 2023. June 30, 2023.. August 31, 2023. Required Spot Rate $0.735 0.734 0.732 $0.730 0.729 Prepare journal entries to record the above information at June 30, 2023, and August 31, 2023.