Wilson leather company, a calendar$-$year company, purchases merchandise from an Italian supplier on a regular basis. On November $1,2022,$ Wilson purchased $10,000,000$ euro for delivery on March $1,2023,$ in anticipation of an expected purchase of merchandise. The forward purchase qualifies as a cash flow hedge. On january $15,2023,$ Wilson issued a purchase order for $10,000,000$ euro in merchandise, establishing a firm commitment. The merchandise was received on February $1,2023.$ On March $1,2023,$ Wilson closed the forward and paid the supplier. On March $15,$ the merchandise was sold to a U$.$S$.$ customer for $$25,000,000.$ Exchange rates are as follows: November $1,2022$ Spot rate $1\mathrm{.}18$ Forward rate $1\mathrm{.}17$ December $31,2022$ Spot rate $1\mathrm{.}19$ Forward rate $1\mathrm{.}18$ January $15,2023$ Spot rate $1\mathrm{.}21$ Forward rate $1\mathrm{.}19$ February $1,2023$ Spot rate $1\mathrm{.}22$ forward rate $1\mathrm{.}21$ March $1,2023$ spot rate $1\mathrm{.}24$ forward rate $1\mathrm{.}24$ Required: Prepare the journal entries to record the above events. Assume Wilson records cost of goods sold at the time of sale.