Maple Company had the following export and import transactlons during 20X5: 1. On March 1, Maple sold goods to a Canadlan company for C$36,000, recelvable on May 30. The spot rates for Canadian dollars were C$1=$0.65 on March 1 and C$1=$0.68 on May 30 . 2. On July 1, Maple signed a contract to purchase equipment from a Japanese company for =420,000. The equipment was manufactured In Japan during August and was delivered to Maple on August 30 with payment due in 60 days on October 29 . The spot rates for yen were 1=$0.102 on July 1,1=$0.104 on August 30 , and 1=$0.106 on October 29 . The 60 -day forward exchange rate on August 30,205, was 1=$0.1055. 3. On November 16, Maple purchased Inventory from a London company for {16,000, payable on January 15,206. The spot rates for pounds were A1=$1.65 on November 16 , 1=$1.63 on December 31 , and A1=$1.64 on January 15,206. The forward rate on December 31,205, for a January 15,206, exchange was 1=$1.645. Required: Prepare joumal entrles to record Maple's import and export transactions during 205 and 206. a-1 a-2 b. What amount of foreign currency transaction gain or loss would Maple report on its Income statement for 205 ? Complete this question by entering your answers in the tabs below. Prepare journal entries to record Maple's import and export transactions during 205 and 206. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Part il Assume that Maple used forward contracts to manage the foreign currency risks of all of its export and Import transactions durlng 205. 1. On March 1, 205, Maple, anticipating a weaker Canadlan dollar on the May 30,205, settlement date, entered Into a 90 -day forward contract to sell C$36,000 at a forward exchange rate of C$1=$0.64. The forward contract was not designated as a hedge. 2. On July 1,205, Maple, anticipating a strengthening of the yen on the October 29 , 20X5, settlement date, entered into a 120 -day forward contract to purchase 420,000 at a forward exchange rate of 1=$0.105. The forward contract was designated as a falr value hedge of a firm commitment. 3. On November 16,205, Maple, anticipating a strengthening of the pound on the January 15,206, settlement date, entered into a 60 -day undesignated forward exchange contract to purchase $16,000 at a forward exchange rate of 1=$1.67. Required: Prepare joumal entrles to record Maple's foreign currency activitles during 205 and 206. a-1 a2 a3 b. What amount of foreign currency transaction gain or loss would Maple report on its Income statement for 205 if Parts I and II of this problem were combined? c. What amount of forelgn currency transaction galn or loss would Maple report on Its Income statement for 206 if Parts I and II of this problem were combined? Complete this question by entering your answers in the tabs below. Prepare journal entries to record Maple's foreign currency activities during 205 and 206. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Maple Company had the following export and import transactlons during 20X5: 1. On March 1, Maple sold goods to a Canadlan company for C$36,000, recelvable on May 30. The spot rates for Canadian dollars were C$1=$0.65 on March 1 and C$1=$0.68 on May 30 . 2. On July 1, Maple signed a contract to purchase equipment from a Japanese company for =420,000. The equipment was manufactured In Japan during August and was delivered to Maple on August 30 with payment due in 60 days on October 29 . The spot rates for yen were 1=$0.102 on July 1,1=$0.104 on August 30 , and 1=$0.106 on October 29 . The 60 -day forward exchange rate on August 30,205, was 1=$0.1055. 3. On November 16, Maple purchased Inventory from a London company for {16,000, payable on January 15,206. The spot rates for pounds were A1=$1.65 on November 16 , 1=$1.63 on December 31 , and A1=$1.64 on January 15,206. The forward rate on December 31,205, for a January 15,206, exchange was 1=$1.645. Required: Prepare joumal entrles to record Maple's import and export transactions during 205 and 206. a-1 a-2 b. What amount of foreign currency transaction gain or loss would Maple report on its Income statement for 205 ? Complete this question by entering your answers in the tabs below. Prepare journal entries to record Maple's import and export transactions during 205 and 206. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Part il Assume that Maple used forward contracts to manage the foreign currency risks of all of its export and Import transactions durlng 205. 1. On March 1, 205, Maple, anticipating a weaker Canadlan dollar on the May 30,205, settlement date, entered Into a 90 -day forward contract to sell C$36,000 at a forward exchange rate of C$1=$0.64. The forward contract was not designated as a hedge. 2. On July 1,205, Maple, anticipating a strengthening of the yen on the October 29 , 20X5, settlement date, entered into a 120 -day forward contract to purchase 420,000 at a forward exchange rate of 1=$0.105. The forward contract was designated as a falr value hedge of a firm commitment. 3. On November 16,205, Maple, anticipating a strengthening of the pound on the January 15,206, settlement date, entered into a 60 -day undesignated forward exchange contract to purchase $16,000 at a forward exchange rate of 1=$1.67. Required: Prepare joumal entrles to record Maple's foreign currency activitles during 205 and 206. a-1 a2 a3 b. What amount of foreign currency transaction gain or loss would Maple report on its Income statement for 205 if Parts I and II of this problem were combined? c. What amount of forelgn currency transaction galn or loss would Maple report on Its Income statement for 206 if Parts I and II of this problem were combined? Complete this question by entering your answers in the tabs below. Prepare journal entries to record Maple's foreign currency activities during 205 and 206. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field