Part I Maple Company had the following export and import transactions during 20X5 On March 1, Maple sold goods to a Canadian company for C$34,000, 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 On July 1, Maple signed a contract to purchase equipment from a Japanese company for 410,000 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, 20X5, was 1 $0 1055 On November 16, Maple purchased inventory from a London company for 14,000, 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 Prepare journal entries to record Maples 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 ) I ALREADY HAVE ANSWERS FOR THIS PART Part II Assume that Maple used forward contracts to manage the foreign currency risks of all of its export and import transactions during 20X5 On March 1, 20X5, Maple, anticipating a weaker Canadian dollar on the May 30, 20X5, settlement date, entered into a 90 day forward contract to sell C$34,000 at a forward exchange rate of C$1 $0 64 The forward contract was not designated as a hedge On July 1, 20X5, Maple, anticipating a strengthening of the yen on the October 29, 20X5, settlement date, entered into a 120 day forward contract to purchase 410,000 at a forward exchange rate of 1 $0 105 The forward contract was designated as a fair value hedge of a firm commitment On November 16, 20X5, Maple, anticipating a strengthening of the pound on the January 15, 20X6, settlement date, entered into a 60 day undesignated forward exchange contract to purchase 14,000 at a forward exchange rate of 1 $1 67 Required Prepare journal entries to record Maples foreign currency activities during 20X5 and 20X6 (If no entry is required for a particular transaction, select No journal entry required in the first account field ) I AM MISSING THE AMOUNT FOR EQUIPMENT FIRM COMMITMENT ENTRY AND THE ANSWER TO THE QUESTIONS BELOW B What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X5 if Parts I and II of this problem were combined C What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X6 if Parts I and II of this problem were combined

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Part I Maple Company had the following export and import transactions during 20X5: On March 1, Maple sold goods to a Canadian company for C$34,000,

Part I Maple Company had the following export and import transactions during 20X5:

On March 1, Maple sold goods to a Canadian company for C$34,000, 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.
On July 1, Maple signed a contract to purchase equipment from a Japanese company for 410,000. 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, 20X5, was 1 = $0.1055.
On November 16, Maple purchased inventory from a London company for 14,000, 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.

Prepare journal entries to record Maples 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.) - I ALREADY HAVE ANSWERS FOR THIS PART

Part II Assume that Maple used forward contracts to manage the foreign currency risks of all of its export and import transactions during 20X5.

On March 1, 20X5, Maple, anticipating a weaker Canadian dollar on the May 30, 20X5, settlement date, entered into a 90-day forward contract to sell C$34,000 at a forward exchange rate of C$1 = $0.64. The forward contract was not designated as a hedge.
On July 1, 20X5, Maple, anticipating a strengthening of the yen on the October 29, 20X5, settlement date, entered into a 120-day forward contract to purchase 410,000 at a forward exchange rate of 1 = $0.105. The forward contract was designated as a fair value hedge of a firm commitment.
On November 16, 20X5, Maple, anticipating a strengthening of the pound on the January 15, 20X6, settlement date, entered into a 60-day undesignated forward exchange contract to purchase 14,000 at a forward exchange rate of 1 = $1.67.

Required: Prepare journal entries to record Maples foreign currency activities during 20X5 and 20X6. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) - I AM MISSING THE AMOUNT FOR EQUIPMENT/FIRM COMMITMENT ENTRY AND THE ANSWER TO THE QUESTIONS BELOW:

B. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X5 if Parts I and II of this problem were combined?

C. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X6 if Parts I and II of this problem were combined?