The following is information on $/ exchange rates: November 1, 2013 December 31, 2013 January 10, 2014 February 15, 2014 March 1, 2014 spot rate $1.42 1.38 1.37 1.36 1.35 Feb. 15, 2014 forward rate $1.40 1.39 1.38 1.36 n/a A U.S. company takes delivery of merchandise from an Italian supplier on November 1, 2013 (and records an accounts payable). Payment of 1,000,000 will be made on February 15, 2014. The U.S. company enters a forward contract on November 1, 2013, locking in the purchase price of 1,000,000 at $1.40/ for delivery on February 15, 2014. It closes the forward on February 15 and pays the supplier. The U.S. company sells the merchandise later in 2014. The U.S. company's accounting year ends December 31. Required: As applicable, prepare (IN GOOD FORM) all journal entries (and all supporting calculations) required on November 1, 2013 and December 31, 2013 please place the appropriate date at the left of each entry