M9-16. Analyzing Derivatives and Hedging For each of the following, indicate whether the hedge would be classified as a fair value hedge or a cash flow hedge. a. Morningstar locks in a price on a forward contract to buy soybeans over the next 12 months. b. General Motors enters into a foreign currency futures contract on Canadian dollars to hedge its C$200 million bond issuance. c. Emirates Airlines takes delivery of 10 new Boeing jets. The contract was denominated in $US instead of Emirati Dirams (AED). Emirates will settle the accounts payable in six months. To hedge its exposure, Emirates buys $US futures contracts. d. Apple Inc. has foreign currency options to buy Chinese Yuan to hedge payments to FoxConn, the Chinese company that manufactures Apple products. e. Poole Construction signs a contract to build a soccer stadium in Mexico. The contract is denominated in Mexican pesos. Poole buys foreign currency options to sell Mexican pesos