U.S. company buys merchandise from a Singapore supplier on May 1 for s$1,000,000. The company pays the on August 1. To hedge foreign exchange risk, on May 1 the U.S. company enters a forward purchase contract 00000 wn August 1 delivery date. On August 1 the company purchases the Singapore dollars rough the forward contract and pays the supplier. On August 15 the company sells the merchandise to a 0.s 000 in cash. Assume the company records cost of goods sold when the sale is made, he Problem #3 ( 40 Points) company's fiscal year ends June 30. Relevant rates (S/S$) are as follows: Forward Rate for August 1t Delivery 0.7548 0.740 0.738 Spot Rate May 1 June 30 August 1 $0.752 0.741 0.738 Required Make the journal entries with the dates to record the above events,.tt l