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Question (3): (10 marks) 1. On October 1, 2007, a US firm contracts to purchase inventory from a foreign customer located in UK for 300,000. The inventory is expected to be delivered on November 1, 2008, and the settlement will be also on November 1,2008. 2. On October1, 2007, the US firms enters a forward contract to purchase 300,000 at the forward rate of $1.060. 3 Snot and forward ratoe for Rritich nowind on colactad datae are: Instructions: 1. Prepare the journal entries required to record the transactions in the US firm