On August 1, 2019, Chidi Inc. ordered merchandise from a supplier in US for US$300,000 with delivery scheduled for November 30, 2019. Payment is due on delivery. On August 2, 2019, Chidi entered a forward contract with Royal Bank to exchange currencies on November 30, 2019 at a rate of US1= $1.356. Chidi's year-end is August 31. On November 30, 2019, Chidi paid the foreign supplier in full and settled the forward contract. Exchange rates were as follows: Spot Rates Forward Rates August 1 and 2, 2019 US1= $1.320 US1= $1.356 August 31, 2019 US1= $1.310 US1= $1.347 November 30, 2019 US1= $1.367 US1= $1.367

Required: Prepare all necessary journal entries to record the transactions described above.