On April 18, MSU Company purchased horse bonnets from a French supplier for 40,000 euros, with payment due on May 18. MSU immediately entered into a forward contract to buy 40,000 euros on May 18. MSU's fiscal year ends on April 30. The following rates are available: Forward rate Spot rate to May 18 April 18 $1.20 $1.26 April 30 1.25 1.29 May 18 1.30 1.30 Prepare all journal entries necessary to record: April 18 - the purchase and the forward contract April 30 - the year end May 18 - payment to the French supplier and settlement of the forward contract