Choy Co. of New York purchased rice from China for 100,000 renminbi () on Nov. 1, 2015. Payment is due on Jan. 30, 2016. The rates were as follows: Date Spot Rate Nov. 1, 2015 $0.121 Dec. 31, 2015 $0.124 Jan. 30, 2016 $0.126 a) Record all journal entries on the transaction, balance sheet and settlement dates. Show computations. b) What is Choy's overall gain or loss from these transactions? Show computations