Hedged Sale Commitment and Exposed Asset Position On June 25, 2020, GlobalAgra Inc, a U.S. company, received a purchase order from a Swiss customer for delivery of merchandise on July 10, 2020, at a price of CHF10,000,000, payable in Swiss francs (CHF) on September 10, 2020. To hedge its exposure to exchange rate changes, on June 25, 2020, GlobalAgra entered a forward contract for delivery of CHF10,000,00D to the broker on September 10, 2020, The merchandise was delivered as scheduled. On September 10, 2020, 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 (S/CHF) are as follows Forward rate for Spot rate June 25, 2020 July 10, 2020 September 10,2020 $1.0506 10510 1.0512 September 10, 2020 1.0507 10511 Required Prepare the journal entries GlobalAgra made on July 10, 2020, and September 10, 2020, to record the above transactions. Debit Credit 7/10/20 To record change in fair value of the forward contract To record gain or lass on U.S.dollar value of the firm To record delivery of goods to the customer 22050498pago f Debit Credit To ad ust sales revenue for the change in value of the firm VIOV20 To record gain or loss on accounts recevable To record change in fair value of the forward contract To record receip of Swiss francs from the U.K. customer, Cash To record delivery of the currency to the dealer, and settlement of the forward contract Hedged Sale Commitment and Exposed Asset Position On June 25, 2020, GlobalAgra Inc, a U.S. company, received a purchase order from a Swiss customer for delivery of merchandise on July 10, 2020, at a price of CHF10,000,000, payable in Swiss francs (CHF) on September 10, 2020. To hedge its exposure to exchange rate changes, on June 25, 2020, GlobalAgra entered a forward contract for delivery of CHF10,000,00D to the broker on September 10, 2020, The merchandise was delivered as scheduled. On September 10, 2020, 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 (S/CHF) are as follows Forward rate for Spot rate June 25, 2020 July 10, 2020 September 10,2020 $1.0506 10510 1.0512 September 10, 2020 1.0507 10511 Required Prepare the journal entries GlobalAgra made on July 10, 2020, and September 10, 2020, to record the above transactions. Debit Credit 7/10/20 To record change in fair value of the forward contract To record gain or lass on U.S.dollar value of the firm To record delivery of goods to the customer 22050498pago f Debit Credit To ad ust sales revenue for the change in value of the firm VIOV20 To record gain or loss on accounts recevable To record change in fair value of the forward contract To record receip of Swiss francs from the U.K. customer, Cash To record delivery of the currency to the dealer, and settlement of the forward contract