It requires $7$ entries within the journal worksheet.

Merit g Family purchased engines from Canada for 40000 Canadian dollars on March 10 with payment due On June 8. Also. on March 10, Merit acquired a 90-day forward contract to purchase 40.000 Canadian dollars at CSI $0.50 The forward contract was acquired to manage Merit & Familys exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates March June 8 Required: CSI e. 49 cn e.s2 Prepare journal entries for Merit & Family to record the purchase Of the engines, entries associated with the forward contract, and entries for the payment of the foreign currency payable. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View Journal entry worksheet Record the foreign purchase of the engines. We: enter before Credits. 10