Please answer the whole question.

Choy Co. of New York purchased rice from China for 100,000 renminbi (1) on Nov. 1, 2015. Payment is due on Jan. 30, 2016. The rates were as follows: Date Spot Rate Nov. 1, 2015 $0.121 Dec. 31, 2015 $0.124 Jan. 30, 2016 $0.126 a) Record all journal entries on the transaction, balance sheet and settlement dates. Show computations. b) What is Choy's overall gain or loss from these transactions? Show computations. PROBLEM 9 (20) On November 1, 2003, a U.S. company sold merchandise to a Norwegian company for 10,000 krone. The receivable was denominated in krone. On the transaction date, the spot rate for krone was 1 krone = $.14. To protect itself against a weakening of the krone, the Chicago firm entered into a forward exchange contract to deliver 10,000 krone on January 30, 2004, the settlement date for the sale. The 90-day forward exchange rate specified in the contract was 1 krone = $.139. Exchange rates on December 31, 2003 and January 30, 2004 were as follows: Spot Rate Forward Exchange ($1 krone) Rate (S/1 krone) December 31, 2003 $.135 $.133 (30-day) January 30, 2004 $.137 a) Record all journal entries (show all computations) on the books of the U.S. Co. on 11/01/03, 12/31/03 (balance sheet date) and 1/30/04. b) What would the gain or loss be if the forward contract had not been entered into. Show computation