Centennial Exchange of St. Louis, Missouri, imports and exports grains. The company has a September 30 fiscal year- end. The periodic inventory system and the weighted- average cost flow method are used by the company to account for inventory cost. The company negotiated the following transactions during 2024 (assume forward contracts exist for the krone and forint).

Required:
Prepare journal entries, including year-end adjustments, to record the above transactions.

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Sept. Sept. 1 Sold 1,000,000 bushels of wheat to a Norwegian company for 16,500,000 krone. The account is to be settled on October 30. 1 The management of Centennial was concerned that the krone would decline in value. They therefore entered into a forward contract to sell 16,500,000 Krone on October 30 for $.1442 per krone. Sept. 5 Sold 1,000,000 bushels of wheat to a Tokyo company for $5,300,000. The account is to be settled on November 5. Sept. 15 Purchased grain from an exporting company that operates in Hungary. The contract provides for the payment of 20,000,000 forint on October 15. Sept. 15 Entered into a forward contract to buy 20,000,000 forint on October 15 for $.006490 per Forint. Sept. 18 Sold 500 tons of soybean meal to Able & Born, Ltd., a Toronto company, for 48,000 Canadian dollars. The account is to be settled on December 17. Oct. 15 Completed the forward contract to buy 20,000,000 forint and then submitted payment to pay for the grain purchased on September 15. Oct. 30 Received 16,500,000 Krones from the Norwegian customer and settled forward contract. Nov. 5 Received payment in full for the wheat sold on September 5 to the Tokyo company. Dec. 17 Received payment from Able & Born, Ltd. for the September 18 sale. Direct exchange quotations for specific dates are presented below: