A company makes a purchase in a foreign currency and enters into a forward contract to be settled on the same date payment is due. If the company elects to use hedge accounting and treats the transaction as a fair value hedge, which of the following best describes the steps required at the settlement of the forward contract? Question 5 options: a) The payable to the bank is updated to the spot rate, and any gain or loss is recorded in profit or loss. The company buys foreign currency from the bank using Canadian dollars and uses the foreign currency to pay the foreign supplier. b) The payable to the bank is updated to the spot rate, and any gain or loss is recorded in profit or loss. The company sells foreign currency to the bank and receives Canadian cash to pay the foreign supplier. c) The receivable from the bank is updated to the spot rate, and any gain or loss is recorded in profit or loss. The company sells foreign currency to the bank and receives Canadian cash to pay the foreign supplier. d) The receivable from the bank is updated to the spot rate, and any gain