Hedged Forecasted Purchase Constellation Brands, a U.S. company, purchases merchandise from a German supplier on a regular basis. On April 1, 2020, Constellation purchased 100,000 for delivery on June 30,2020 , in anticipation of an expected purchase of merchandise for 100,000 at the end of June. The forward contract was a qualified hedge of a forecasted transaction. Constellation took delivery of the merchandise, settled the forward contract, and paid the German supplier 100,000 on June 30,2020 . The merchandise was subsequently sold in the U.S. on July 12,2020, for $150,000 in cash. Relevant exchange rates ( $/ ) are as follows: Required Prepare the journal entries made by Constellation Brands on June 30 and July 12 concerning the above events. Assume Constellation Brands is a calendar-year company, and records cost of goods sold at the time of sale