Wolters Corporation Is a U ?
Required:
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Make the Necessary Journal Entries for Wolters

Wolters Corporation is a U.S.corporation that purchased 50,000 chocolate bars from a foreign manufacturer on 6/1/24 for 80,000 foreign currency units, to be paid on 9/1/24.On 6/1/24 Wolters also entered into a forward contract to purchase 80,000 foreign currency units on 9/1/24.Wolters has a July 31 year end.
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Exchange rates are as follows:
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Discount rate = 12%
$$\begin{array} { l c c } \text { Date } & \text { Spot Rate } & \text { Fwd. Rate } \\\hline 6 / 1 / 24 & \$ 0.64 & \$ 0.645 \\7 / 31 / 24 & \$ 0.66 & \$ 0.68 \\9 / 1 / 24 & \$ 0.69 & \$ 0.69\end{array}$$ ?
Required:
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Make the necessary journal entries for Wolters for the period June 1 through September 1, 2024.
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