Purchase with Forward Exchange Contract Merit \& Family purchased engines from Canada for 30,000 Canadian dollars on March 10 with payment due on June 8. Also, on March 10, Merit acquired a 90-day forward contract to purchase 30,000 Canadian dollars at C$1=$0.58. The forward contract was acquired to manage Merit \& Family's exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates were Required Prepare journal entries for Merit \& Family to record the purchase of the engines, entries associated with the forward contract, and entries for the payment of the foreign currency payable