On June 1 Hall Co. purchased inventory from a foreign supplier at a price of 35,000 FCU. (ECU is foreign currency units.) Hall Co. will make payment in three months on September 1. On June 1 Hall Co entered into a forward contract maturing on September 1 as a fair value hedge of its FCU liability. Hall Co. closes its books to prepare interim financial statements on June 30 of each year. Prepare all journal entries, including adjusting entries, to record the transaction and the forward contract. *Forward rate is for a contract written on June 1 to mature on September 1. Disregard anytime value adjustments