Monkey Ltd, a New Zealand importer, has bought S$1,000,000 of inventory from a Singaporean supplier. The payment is due in exactly two months time. At the time of purchase, the spot rate of exchange is 0.88 (i.e., NZ$1 = S$0.88). Required For each of the following independent scenarios (a), (b), and (c), provide monthly journal entries. Show all workings clearly. Full marks are only given where a solution is clearly supported with workings. (a) Monkey Ltd decides NOT to hedge. The spot exchange rates are shown in the table below. Spot Rates At the date of the purchase One month after the purchase Two months after the purchase (i.e., at settlement) 0.88 0.92 0.94 Show the journal entry to record the inventory purchase and any additional journal entries that are required through to (and including) settlement. Also Calculate the overall gain or loss from accounts payable.