ull Manufacturing Corp. $($HMC$),$ a Canadian company, manufactures instruments used to measure the moisture content of barley and wheat. The company sells primarily to the domestic market, but in Year $3,$ it developed a small market in Argentina. In Year $4,$ HMC began purchasing semi$-$finished components from a supplier in Romania. The management of HMC is concerned about the possible adverse effects of foreign exchange fluctuations. To deal with this matter, all of HMC$$s foreign$-$currency$-$denominated receivables and payables are hedged with contracts with the company$$s bank. The year$-$end of HMC is December $31.$

The following transactions occurred late in Year $4$:

On October $15,$ Year $4,$ HMC purchased components from its Romanian supplier for $803,000$ Romanian leus $($RL$).$ On the same day, HMC entered into a forward contract for RON$803,000$ at the $60-$day forward rate of RON$1=$ $$0\mathrm{.}411.$ The Romanian supplier was paid in full on December $15,$ Year $4.$

On December $1,$ Year $4,$ HMC made a shipment to a customer in Argentina. The selling price was $2,503,000$ Argentinean pesos $($ARS$),$ with payment to be received on January $31,$ Year $5.$ HMC immediately entered into a forward contract for ARS$2,503,000$ at the two$-$month forward rate of ARS$1=$ $$0\mathrm{.}229.$

During this period, the exchange rates were as follows:

Spot Rates Forward Rates

October $15,$ Year $4$ RON$1=$ $$0\mathrm{.}398$

December $1,$ Year $4$ ARS$1=0\mathrm{.}252$

December $15,$ Year $4$ RON$1=$ $$0\mathrm{.}390$

December $31,$ Year $4$ ARS$1=$ $$0\mathrm{.}236$ ARS$1=$ $$0\mathrm{.}225$

Hedge accounting is not adopted.

Required:

$($a$)$ Prepare the Year $4$ journal entries to record the transactions described above and any year$-$end adjusting entries. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

$($b$)$ Prepare the December $31,$ Year $4,$ balance sheet presentation of the receivable from the Argentinean customer, and the accounts associated with the forward contract. $($Omit $ sign in your response.$)$

Hull Manufacturing Corp.

Balance Sheet

as at December $31,$ Year $4$

Assets

Account receivable $

Forward contract $