Hedging a Forecasted Sale Transaction

On December $10,2023,$ Daisy Foods, a U$.$S$.$ company, anticipates sales in the amount of A$$25,000,000$ to an Australian customer, payment in Australian dollars to be received at the end of May $2024.$ On December $10,2023,$ Daisy Foods enters a forward contract for the sale of A$$25,000,000$ for a total price of $$19,597,500$ on May $31,2024.$ The forward contract qualifies as a hedge of the forecasted sale. On March $1,2024,$ Daisy delivered the merchandise to the Australian customer. On May $31,2024,$ Daisy received A$$25,000,000$ from the customer, and delivered it to the broker to close the forward contract. Daisy Foods$$ accounting year ends January $31.$ Relevant exchange rates $($$$/$A$$)$ are as follows:Prepare the journal entries to record the above events, including January $31,2024$ adjusting entries.