Kiwi Painting Company engages in a number of foreign currency transactions in euros $().$ For each of the following independent

transactions, determine the dollar amount to be reported in the December $31,20$X$4,$ financial statements for the items presented in the

following requirements. The relevant direct exchange rates for the euro follow:

These are the independent transactions:

Kiwi entered into a forward exchange contract on September $1,204,$ to be settled on February $1,205,$ to hedge a firm foreign

currency commitment to purchase inventory on November $30,204,$ with payment due on February $1,20$X$5.$ The forward contract

was for $10,000,$ the agreed$-$upon cost of the inventory. The derivative is designated as a fair value hedge of the firm's commitment.

Kiwi entered into a forward exchange contract on September $1,20$X$4,$ to be settled on February $1,20$X$5,$ to hedge a forecasted

purchase of inventory on November $30,20$X$4.$ The inventory was purchased on November $30$ with payment due on February $1,$

$205.$ The forward contract was for $10,000,$ the expected cost of the inventory. The derivative is designated as a cash flow hedge

to be continued through to payment of the euro$-$denominated account payable.

Kiwi entered into a forward contract on November $30,20$X$4,$ to be settled on February $1,205,$ to manage the financial currency

exposure of a euro$-$denominated accounts payable in the amount of $10,000$ from the purchase of inventory on that date. The

payable is due on February $1,20$X$5.$ The forward contract is not designated as a hedge.

Kiwi entered into a forward contract on September $1,204,$ to speculate on the possible changes in exchange rates between the

euro and the U$.$S$.$ dollar between September $1,20$X$4,$ and February $1,20$X$5.$ The forward contract is for speculation purposes and is

not a hedge.

Required:

Enter the dollar amount that would be shown for each of the following items as of December $31,20$X$4.$ Compute the statement

amounts net. For example, if the transaction generated both a foreign currency exchange gain and a loss, specify just the net amount

that would be reported in the financial statements.

Please help me understand how to go through this, I've only been able to calculate the first one so far. I submitted this once already but the first answer was wrong so I am trying again hoping