On October $15,2020,$ Buy Co$.,$ a Canadian company, entered into a contract to purchase goods from Sell Ltd$.,$ a foreign corporation. The contract terms called for the goods to be delivered to Buy Co$.\text{'}$s Calgary location on June $30,2021.$ The cost of goods is USD $$600,000$ to be settled on July $31,2021.$ On October $15,2020,$ Buy Co$.$ also arranged for a forward contract through its bank for USD $$600,000.$ The goods were delivered on time, and Buy Co$.$ settled with Sell Ltd$.$ on July $31,2021.$ Buy Co$.$ has a May $31$ year$-$end. The spot and forward rates are as follows: Spot Rate $($$CAD$)$: $1$ USD $=$ x$.$xx CAD Forward Rate $($$CAD$)$: $1$ USD $=$ x$.$xx CAD October $15,2020$ $$1\mathrm{.}42$ $$1\mathrm{.}46$ May $31,2021$ $$1\mathrm{.}44$ $$1\mathrm{.}48$ June $30,2021$ $$1\mathrm{.}45$ $$1\mathrm{.}49$ July $31,2021$ $$1\mathrm{.}50$ $$1\mathrm{.}50$ Required Prepare Buy Co$.\text{'}$s journal entries to reflect the above assuming that: a$.$ the hedge is a cash flow hedge, and b$.$ the hedge is a fair value hedge.