Dylex Importing Ltd$.($DIL$)$ imports goods from countries around the world for sale in Canada. On December $1,$ Year $2023,$ DIL purchased $11,300$ units of product from a foreign wholesaler for FC$613,000$ when the spot rate was FC$1=$ $$0\mathrm{.}754.$ The invoice called for payment to be made on April $1,$ Year $2024.$ On December $3,$ Year $2023,$ DIL entered into a forward contract with the Royal Bank at the $120-$day forward rate of FC$1=$ $$0\mathrm{.}794.$ Hedge accounting is not applied.

DILs fiscal year$-$end is December $31.$ On this date, the spot rate was FC$1=$ $$0\mathrm{.}770$ and the $90-$day forward rate was FC$1=$ $$0\mathrm{.}799.$ The payment to the foreign supplier was made on April $1,$ Year $2024,$ when the spot rate was FC$1=$ $$0\mathrm{.}815.$

Required: Prepare DIL$$s entries to record:

The purchase and the forward contract $(3$ marks$)$

Adjustments required on December $31,$ year $2023(5$ marks$)$

Entries on April $1,$ year $2024(4$ marks$)$