On June $1,$ Marano, Inc., sold product for $$50,000$ to be delivered immediately to a Japanese customer and to be paid in yen on August $1.$ Marano is worried that the exchange rate of dollars for yen could change significantly within two months. In hopes of avoiding a potential loss on exchange, the company has decided to purchase a forward contract. Spot rates of yen for $$1$ June $1$ spot rate of yen for $$1$ $$1=107\mathrm{.}0$ August $1$ forward rate of yen for $$1$ $$1=107\mathrm{.}2$Required:$1.$ If required, round your answers to the nearest dollar. $1.$ On June $1,$ how much does Marano expect to receive from the Japanese customer in yen in payment for the sale?${?}_{{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}}2.$ If Marano purchases the forward contract, how many yen will it receive on August $1?$ What is that amount converted to dollars? $fill in the blank $23.$ What is the premium Marano paid for the forward contract?${?}_{{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}-}4.$ What if the exchange rate of yen for $$1$ on August $1$ was $$1=108\mathrm{.}0?$ How much would Marano have received from the Japanese customer in yen? What is that amount converted into dollars? Would Marano have experienced an exchange gain or loss on the transaction?${?}_{{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}{?}_{{?}_{?}}}$