Part 1 Maple Company had the following export and import transactions during 20x5: 1. On March 1, Maple sold goods to a Canadian company for C$35,000, receivable 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 1470,000. 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 11 = $0.102 on July 1, 1 $0.104 on August 30, and 11 $0.106 on October 29, The 60-day forward exchange rate on August 30, 20X5, was 1 $0.1055. 3. On November 16, Maple purchased inventory from a London company for 15,000, payable on January 15, 20X6. The spot rates for pounds were 1 - $1.65 on November 16, 1 $1.63 on December 31, and 1 $1.64 on January 15, 20x6. The forward rate on December 31, 20x5, for a January 15, 20X6, exchange was 1 = $1,645. Required: Prepare journal entries to record Maple's import and export transactions during 20x5 and 20X6. (if no entry is required for a particular transaction, select "No journal entry required" in the first account field.) a-1 Journal entry worksheet Record the commitment to purchase the equipment. Note: Enter debits before credits. Date General Journal Debit Credit Jul. 1, 20X5 + Record entry Clear entry View general journal -3 View transaction list Journal entry worksheet Record the entry for the 120-day forward contract signed for the forecasted foreign currency transaction. Note: Enter debits before credits. General Journal Debit Credit Date Jul. 1, 20X5 + Record entry Clear entry View general Journal a-3 View transaction list Journal entry worksheet 2 3 3 4 5 > Record the entry for the signed 60-day undesignated forward contract. Note: Enter debits before credits, + Date Nov. 16, 20X5 General Journal Debit Credit Record entry Clear entry View general journal b. What amount of foreign currency transaction goin or loss would Maple report on its Income statement for 20x5 if Parts I and Il of this problem were combined? Foreign currency transaction c. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20x6 # PortsI and Il of this problem were combined? Foreign currency transaction