6. Collected the 300,000 Canadian dollars on June 30 from the sale on June 1. Selected spot and forward rates are as follows:   Prepare all of the necessary journal entries to record the above...

6. Collected the 300,000 Canadian dollars on June 30 from the sale on June 1. Selected spot and forward rates are as follows:

Prepare all of the necessary journal entries to record the above activities during the month of June. Changes in the value of the commitment are based on changes in forward rates. All necessary discounting should be determined using a 6% discount rate. The time value of all derivatives is included in the assessment of hedge effectiveness.