Hedging Exposed Liability Position On March 15, 2023, Hunt Brands, a U.S. company, purchased merchandise from a South African company at a price of R1,000,000, payable in two months in rands. To hedge its exposed liability position, Hunt entered a forward contract for purchase of R1,000,000 on May 15, 2023. On May 15, Hunt closed the forward contract and used the rands to pay its supplier. The merchandise was sold to a U.S. customer for $110,000 in cash on June 5, 2023. Hunt's accounting year ends December 31. Exchange rates ($/R) are as follows: March 15, 2023 Spot rate $0.0650 Forward rate for delivery May 15, 2023 $0.0651 May 15, 2023 0.0654 a. Prepare the journal entries Hunt Brands made on March 15, May 15, and June 5, 2023. Assume Hunt records cost of goods sold at the time of sale. Required Date 3/15/23 Description To record goods purchased. 5/15/23 To restate payable at current spot rate. " " " To restate forward contract to current fair value. Debit Credit Cash To record the settlement of the forward contract. To record payment to the supplier. 6/5/23 To record sale to U.S. customer. To record cost of goods sold on sale. " " b. Calculate the cash gain or loss realized by Hunt Brands by hedging compared with not hedging. $