On July 1, 2019, Great White North (GWN) Inc GWN Has a July 31^st Year End

On July 1, 2019, Great White North (GWN) Inc. purchased merchandise from a supplier in the U.S. for US$800,000 with terms requiring full payment by October 31, 2019. On July 2, 2019, GWN entered into a forward contract to purchase US$800,000 on October 31, 2019 at a rate of CDN$1.2275. The forward contract was designated as a hedge of the fair value of the amount due to the supplier.
On October 31, 2019, GWN paid its supplier in full. Selected dates and spot rates are shown below:
$\begin{array}{|l|r|}\hline \text { July } 1,2019 & \text { CDN } \$ 1.2150 \\\hline \text { July 31,2019 } & \text { CDN } \$ 1.2175 \\\hline \text { October } 31,2019 & \text { CDN } \$ 1.22 \\\hline\end{array}$ GWN has a July 31^st year end. On that date the forward rate for US dollars for three months was CDN $1.2225.
Prepare any and all journal entries you deem necessary to record the above transaction assuming the forward contract is segregated between the spot element and the forward element. GWN uses the net method to record the forward contract.