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$44,000 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 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. 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 24,000 at a forward exchange rate of 1 $1.67 Required Prepare journal entries to record Maple's foreign currency activities during 20X5 and 20X6. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 Record the entry for the 90-day forward contract signed for the forecasted foreign currency transaction Note: Enter debits before credits. Date General Journal Debit Credit Mar. 1, 20X5 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 1 Record the revaluation of the foreign currency. Note: Enter debits before credits. General Journal Credit Date Debit May. 30, 20X5 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the payment to the exchange broker in accordance with the forward contract. Note: Enter debits before credits. Debit Credit Date General Journal May. 30, 20X5 Record entry Clear entry View general journal Journal entry worksheet 2 1 Record the receipt of cash from the exchange broker. Note: Enter debits before credits. General Journal Debit Date Credit May. 30, 20X5 Clear entry Record entry View general journal Journal entry worksheet 1 2 3 6 7 4 Record the entry for the 120-day forward contract signed for the forecasted foreign currency transaction. Note: Enter debits before credits. Date General Journal Credit Debit Jul. 1, 20X5 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Record the revaluation of the foreign currency. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 30, 20X5 Clear entry Record entry View general journal Journal entry worksheet 5 1 2 3 4 6 7 Record the gain or loss on the financial instrument aspect of the firm commitment. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 30, 20X5 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 Record the acquisition of the equipment. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 30, 20X5 Record entry Clear entry View general journal LO Journal entry worksheet 5 1 2 3 4 6 7 Record the revaluation of the foreign currency. Note: Enter debits before credits. Date General Journal Debit Credit Oct. 29, 20X5 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 7 4 Record the payment of cash to the exchange broker. Note: Enter debits before credits. Debit Credit General Journal Date Oct. 29, 20X5 View general journal Record entry Clear entry LO Journal entry worksheet 1 2 3 4 5 6 7 Record the receipt of foreign currency Note: Enter debits before credits. Debit General Journal Credit Date Oct. 29, 20X5 Record entry Clear entry View general journal 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 General Journal Debit Credit Nov. 16, 20X5 Record entry Clear entry View general iournal LO Journal entry worksheet 1 2 3 5 4 Record the revaluation of the foreign currency. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31, 20X5 Cloo nteu Recore entry. View ceneral iornal Journal entry worksheet 1 2 3 4 Record the revaluation of the foreign currency. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 15, 20X6 Record entry Clear entry View general iournal Journal entry worksheet 2 4 1 5 Record the receipt of foreign currency. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 15, 20X6 Record entry Clear entry View general journal LO 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? of Foreign currency transaction c. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X6 if PartsI and Il of this problem were combined? of Foreign currency transaction