On October $1,2024,$ Sandhill Corporation ordered some equipment from a supplier for $327,000$ euros. Delivery and payment are to occur on November $15,2024.$ The spot rates on October $1$ and November $15,2024,$ are $$1\mathrm{.}20$ and $$1\mathrm{.}30,$ respectively.

$($a$)$

Assume that Sandhill entered into a forward contract on October $1,2024,$ to hedge the firm commitment. The forward rates for euros for November $15$ delivery were

October $1$

$$1\mathrm{.}23$

November $15$

$$1\mathrm{.}30$

Furthermore, assume the equipment was purchased and paid for on November $15.$ Prepare all journal entries needed to record and settle the hedge and to record the purchase of the equipment.