$(12$ points tetal$)$ On December $1.2023,$ Doen Corporation agreed to purchase a machise to be manufactured by a company in Arazil. The parchase price is $1,150,000$ Bravilian reals. To hedge against fluctuations in the exchange rate, Dorm entered linto a fornand contract on December $1$ to buy $1\mathrm{.}150,000$ reals on April $1,$ the agreed date of machine delivery, for $50\mathrm{.}375$ per real. The following exchange rates were quoted:

$\backslash$table$[[\backslash$table$[[$Date$]],\backslash$table$[[$Forwand Rate$],[($Delinerv on $4/1)]],],[$December $1,$Spot Rate,$0\mathrm{.}375],[$December $31,0\mathrm{.}370,0\mathrm{.}373],[$April $1,0\mathrm{.}385,-]]$

Required:

Prepare journal entries necessary for Dorn dering $2023(5$ poiats$)$ and $2024(7$ points$)$ to account for the transactions described above.