On July 1, 2016, Great White North (GWN) Inc GWN Has a July 31^st Year End

On July 1, 2016, 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, 2016. On July 2, GWN entered into a forward contract to purchase US$800,000 on October 31, 2016 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, GWN paid its supplier in full. Selected dates and spot rates are shown below: $$\begin{array} { | l | l | } \hline \text { July } 1,2016 & \text { CDN } \$ 1.2150 \\\hline \text { July } 31,2016 & \text { CDN } \$ 1.2175 \\\hline \text { October } 31,2016 & \text { CDN } \$ 1.22 \\\hline\end{array}$$ 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 the journal entries assuming that no forward contract was entered into.