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. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ General Journal } \\ \hline \multirow[t]{3}{*}{01/31/24} & Investment in forward contract & & 0 & 0 \\ \hline & Other comprehensive income & & 0 & 0 \\ \hline & To record change in value of forward contract. & & & \\ \hline \multirow[t]{9}{*}{03/01/24} & Investment in forward contract & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To record change in value of forward sale contract. & & & \\ \hline & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To record delivery of merchandise. & & & \\ \hline & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To reclassify accumulated other comprehensive incon & me. & & \\ \hline \multirow[t]{13}{*}{05/31/24} & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To adjust accounts receivable. & & & \\ \hline & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To record change in value of forward contract. & & & \\ \hline & & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To record payment from the customer. & & & \\ \hline & & & 0 & 0 \\ \hline & Investment in forward contract & & 0 & 0 \\ \hline & & & 0 & 0 \\ \hline & To record settlement of the forward contract. & & & \\ \hline \end{tabular}