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$35,000 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 450,000 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 15,000 at a forward exchange rate of 1 = $1.67. Required: Prepare journal entries to record Maple's foreign currency activities during 20X5 and 20X5. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) a-1 View transaction list Journal entry worksheet ok ences 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 a-1 View transaction list Journal entry worksheet Record the payment to the exchange broker in accordance with the forward contract. Note: Enter debits before credits. Date General Journal Debit Credit May 30, 20X5 a-1 View transaction list Journal entry worksheet + ce Record the receipt of cash from the exchange broker. Note: Enter debits before credits General Journal Debit Date May 30, 20X5 Credit a-2 View transaction list Journal entry worksheet DOK 1 2 3 4 5 6 7 > cences 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 a-2 View transaction list Journal entry worksheet Record the revaluation of the foreign currency. Note: Enter debits before credits General Journal Debit Credit Date Aug. 30, 20X5 a-2 View transaction list Journal entry worksheet 1 2 3 4 5 CO 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 a-2 View transaction list Journal entry worksheet Record the acquisition of the equipment. Note: Enter debits before credits General Journal Debit Credit Date Aug. 30, 20X5 a-2 View transaction list Journal entry worksheet Record the payment of cash to the exchange broker. Note: Enter debits before credits Date General Journal Debit Credit Oct. 29, 20X5 a-2 View transaction list Journal entry worksheet Record the revaluation of the foreign currency Note: Enter debits before credits. General Journal Date Dec 31, 20X5 Debit Credit a-3 View transaction list Journal entry worksheet Record the payment of cash to the exchange broker. Note: Enter debits before credits. Date General Journal Debit Credit Jan 15, 20X6 a-3 View transaction list Journal entry worksheet