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 March10June8c1=$0.57c1=$0.60 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 2 Record the entry for the 90 -day forward exchange contract signed to receive Canadian dollars. 3 Record the entry to revalue the foreign currency receivable to the current equivalent U.S. dollar value. 4 Record the entry to revalue the foreign currency accounts payable to the current U.S. dollar value. 5 Record the payment of U.S. dollars to an exchange broker for the forward contract. 6 Record the receipt of Canadian dollars from the exchange contract signed to receive Canadian dollars