Assume that you are the senior accountant for Lalisa Lid. that regularly imports spare parts for a range of the company's products from overseas suppliers. You have been instructed by Lisa, the CEO, to look at ways you can save money on the transactions when you pay these overseas suppliers. She is convinced that there are ways in which you can organise the transaction so that you maximise the opportunities with fluctuating exchange rates. She has been reading about spot rates and is a little confused about the way it works or whether it is strictly legal or ethical. She wants you to explain the processes involved in organising forward rates and how the business can take advantage of them. Based on scenario 2, answer the following questions. Q1: When Lalisa Lid. requires to pay an overseas supplier, should the company wait until the last minute to pay? Explain your answer. Q2: How far in advance can you organise these forward contracts? Is the timing of the arrangement crucial? Q3: Now suppose that you have arranged a forward contract, and Lisa does not actually want to go through with it. What will happen