Merit & Family purchased engines from Canada for 22000 Canadian dollars on March 10 with payment due on June 8. Also, on March 10. Merit acquired a 90-day forward contract to purchase 22.000 Canadian dollars at C$1 - $0.50. The forward contract was acquired to manage Ment & Family's exposed net liability position in Canadian dollars, but it was not designated as a hedge. The spot rates were March 10 June 18.49 ci 0.52 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 or no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > Record the foreign purchase of the engines. Note Ende debits before credits View transaction list Journal entry worksheet Record the entry to revalue the foreign currency receivable to the current equivalent U.S. dollar value. Erles for the payment of the foreign currency payable. (if no entry is required for a quired" In the first account fleld.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the entry to revalue the foreign currency accounts payable to the current U.S. dollar value. View transaction list Journal entry worksheet 1 2 3 4 5 5 6 7 Record the payment of U.S. dollars to an exchange broker for the forward contract. Note Enter Rohit- - Journal entry worksheet 1 2 3 4 5 5 6 6 7 Record the receipt of Canadian dollars from the exchange broker. Note: Enter debits before credits. View transaction list Journal entry worksheet