On July $30,2023,$ a coffee grower had $300,000$ pounds of coffee beans in inventory at an average cost of

$$\mathrm{.}46$ per pound. The grower has contracted to sell the beans on March $1,2024,$ at the market price of

coffee $($the spot rate$)$ on that date. To protect from a possible decline in coffee prices, the grower

sold coffee futures contracts for $300,000$ pounds of coffee for delivery on March $1,2024$ at $$1\mathrm{.}78$ per

pound. The coffee spot price at July $30,2023,$ is $$1\mathrm{.}66$ per pound. The company designates this hedge

as a fair value hedge. Spot and futures rates for coffee beans are shown below.

Please prepare the necessary journal entries for July $30,$ September $30,$ December $31,$ and March $1$