2. On May 15, Shana & Sons (a U.S firm) hired Graham & Co (a Canadian construction company) to carry out building work on its property and agreed to pay C$350,000 (Canadian dollars) for the work on October 15. Shana & Sons then negotiated a five-month forward contract to obtain C$350,000 at $0.80 per unit, in order to pay Graham & Co in five months' time. On June 15, Graham & Co informed Shana & Sons that it would not be able to carry out the construction work as agreed. So, Shana & Sons decided to offset its existing contract by negotiating a forward contract to sell C$350,000 for the date of October 15 but was informed that spot rate of the Canadian dollar had decreased and the prevailing forward contract price for October 15 is $0.73. Required: Calculate the cost to Shana & Sons if the company enters into a forward contract to sell C$350,000 on October 15, in order to offset the earlier contract