Part II Assume that Maple used forward contracts to manage the foreign currency risks of all of its export and import transactions during 20X5. 1. 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$36,000 at a forward exchange rate of C$1 = $0.64. The forward contract was not designated as a hedge. 2. 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 420,000 at a forward exchange rate of 1 = $0.105. The forward contract was designated as a fair value hedge of a firm commitment. 3. 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 16,000 at a forward exchange rate of 1 = $1.67. Required: Prepare journal entries to record Maple's foreign currency activities during 20X5 and 20X6. a-1 a-2 a-3 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? Complete this question by entering your answers in the tabs below. Req 2 A1 Req 2 A2 Req 2 A3 Req 2 B Req 2 C Prepare journal entries to record Maple's foreign currency activities during 20X5 and 20X6. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet Req 2 A1 Req 2 A2 Req 2 A3 Req 2 B Req 2 C Prepare journal entries to record Maple's foreign currency activities during 20X5 and 20X6. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the entry for the signed 60-day undesignated forward contract. Note: Enter debits before credits. Date November 16, 20X5 General Journal Debit Credit > a-3 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? Complete this question by entering your answers in the tabs below. Req 2 A1 Req 2 A2 Req 2 A3 Req 2 B Req 2 C 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? Foreign currency transaction of a-3 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? Complete this question by entering your answers in the tabs below. Req 2 A1 Req 2 A2 Req 2 A3 Req 2 B Req 2 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? Foreign currency transaction of