Wolters Corporation is a U.S. corporation that purchased 50,000 chocolate bars from a foreign manufacturer on 6/1/X9 for 80,000 foreign currency units, to be paid on 9/1/X9. On 6/1/X9 Wolters also entered into a forward contract to purchase 80,000 foreign currency units on 9/1/X9. Wolters has a July 31 year end.

Exchange rates are as follows:

Date	Spot Rate	Fwd Rate
6/1/X9	$0.64	$0.645
7/31/X9	$0.66	$0.68
9/1/X9	$0.69	$0.69

Discount rate = 12% Required: Make the necessary journal entries for Wolters for the period June 1 through September 1, 20X9.