Choy Co. purchased rice from China for 100,000 renminbi (r) on Nov. 1, 2015. Payment is due on Jan. 30, 2016. Choy also entered into a 90 day forward contract to purchase 100,000 renmimbi. The rates were as follows: Date Spot Rate Forward Rate Nov. 1, 2015 $0.120 $0.126 - 90 days Dec. 31, 2015 $.0124 $0.129 - 30 days Jan. 30, 2016 $0.127 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 tranaactions? Show computations. c) What would the gain or loss be if the forward contract had not been entered into. Show computation