Merit & Family purchased engines from Canada for 28,000 Canadian dollars on March 10 with payment due on June 8. Also, on March 10, Merit acquired a 90-day forward contract to purchase 28,000 Canadian dollars at C$1 = $0.50. The forward contract was acquired to manage Merit & Family's exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates were March 10 June 8 Required: C$1 = $0.49 C$1 = $0.52 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. N 3 Record the foreign purchase of the engines. Record the entry for the 90-day forward exchange contract signed to receive Canadian dollars. Record the entry to revalue the foreign currency receivable to the current equivalent U.S. dollar value. 4 Record the entry to revalue the foreign currency accounts payable to the current U.S. dollar value. 5 Record the payment of U.S. dollars to an exchange broker for the forward contract. Record the receipt of Canadian dollars from the exchange broker. 7 Record the settlement of the foreign currency payable. Note: = journal entry has been entered Record entry Clear entry V