Hull Manufacturing Corp. $($HMC$),$ a Canadian company, manufactures instruments used to measure the moisture content of barley and wheat. The company sells primarily to the domestic market, but in Year $3,$ it developed a small market in Argentina. In Year $4,$ HMC began purchasing semi$-$finished components from a supplier in Romania. The management of HMC is concerned about the possible adverse effects of foreign exchange fluctuations. To deal with this matter, all of HMC$\text{'}$s foreign$-$currency$-$denominated receivables and payables are hedged with contracts with the company's bank. The year$-$end of HMC is December $31.$

The following transactions occurred late in Year $4$ :

On October $15,$ Year $4.$ HMC purchased components from its Romanian supplier for $811,000$ Romanian leus $($RL$).$ On the same day. HMC entered into a forward contract for RON$811,000$ at the $60-$day forward rate of RON$1=$$$0\mathrm{.}419.$ The Romanian supplier was paid in full on December $15,$ Year $4.$

On December $1,$ Year $4,$ HMC made a shipment to a customer in Argentina. The selling price was $2,511,000$ Argentinean pesos $($ARS$),$ with payment to be received on January $31,$ Year $5.$ HMC immediately entered into a forward contract for ARS$2,511,000$ at the two$-$month forward rate of ARS$1=$$$0\mathrm{.}237.$

During this period, the exchange rates were as follows:

$\backslash$table$[[,,$Spot Rates,Formand fiates$],[$October $15,,$Year $4,$RONI $=$$$0\mathrm{.}406,],[$December $1,,$Year $4,$ARS$1=0\mathrm{.}260,],[$December is$,,$ Year $4,$RON$1=$$$0\mathrm{.}398,],[$December $31,$Year $4,$ARS$1=$$$0\mathrm{.}244,30,23]]$

Hedge accounting is not adopted.

Required:

$($o$)$ Prepare the Year $4$ journal entries to record the transactions described above and any year$-$end adjusting entries. $($If no entry is required for e trensectionievent, select $"$No journal entry required" In the first account flelel.$)$

$1$ Record the purchase of inventory.

$2$ Record the forward contract entered for Romanian leus

$3.$ Fecord the forward contract entered for Argentinean pesos

$4$ Record the forwand contact.

$5.$ Revalue accounts payable at fair value.

Revalue fonvard contract at fair value.

$2.$ Record the receipt from bank.

Note : $$ journal entry has been entered