November 1, 2018, Mudd Plating Company entered into three independent forward exchange contracts to buyl/sell 250,000 euros on February 1,2019. The relevant exchange rates are as follows: Forward Rate For Feb. 1. 2017 1.47 November 1, 2018 December 31, 2018 (year-end) February 1, 2019 Spot rate 1.46 1.50 1.44 1.48 1. The first forward contract was to buy 250,000 euros. It was to hedge a purchase of inventory on November 1,2018 for 250,000 euros, payable on 2/1/2019. Do these transactions result in any gain or loss in Mudd's 2018 net income? If so, how much is the gain/loss? The second forward contract was to buy 250,000 euros. This forward an equipment to be delivered in January 2019. Do these transactions result in any gain or loss in Mudd's 2018 net income? If so, how much is the gain/loss? 2. contract was to hedge a commitment to purchase The third forward contract was to sell 250,000 euros. This forward contract was strictly for speculation be the forward contract result in a gain/loss in Mudd's 2018 income statement? If'so, how much is the gain/loss? 3