On October 1,2024 , Sheridan Corporation ordered some equipment from a supplier for 283,000 euros. Delivery and payment are to occur on November 15, 2024. The spot rates on October 1 and November 15,2024 , are $1.20 and $1.30, respectively. (a) Assume that Sheridan entered into a forward contract on October 1, 2024, to hedge the firm commitment. The forward rates for euros for November 15 delivery were Furthermore, assume the equipment was purchased and paid for on November 15. Prepare all journal entries needed to record and settle the hedge and to record the purchase of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) If the forward contract was not acquired, record the journal entry to purchase the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Oct. 1 (To record gain or loss on foreign currency) (To record gain or loss on firm commitment) (To record payment to exchange dealer and receipt of foreign currency) (To record settlement of firm commitment) On October 1,2024 , Sheridan Corporation ordered some equipment from a supplier for 283,000 euros. Delivery and payment are to occur on November 15, 2024. The spot rates on October 1 and November 15,2024 , are $1.20 and $1.30, respectively. (a) Assume that Sheridan entered into a forward contract on October 1, 2024, to hedge the firm commitment. The forward rates for euros for November 15 delivery were Furthermore, assume the equipment was purchased and paid for on November 15. Prepare all journal entries needed to record and settle the hedge and to record the purchase of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) If the forward contract was not acquired, record the journal entry to purchase the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Oct. 1 (To record gain or loss on foreign currency) (To record gain or loss on firm commitment) (To record payment to exchange dealer and receipt of foreign currency) (To record settlement of firm commitment)