QUESTION 1 Question 1 15 points SaveAnswer Tender plc. is a US wholesaler engaged in foreign trade. The following transaction is representative of its business dealings. The company uses a periodic inventory system and is on a calendar-year basis. All exchange rates are direct quotations Nov. 1 Tender plc purchased merchandise from A Kieso Ltd, a Malaysian manufacturer. The invoice was for 500,000 Malaysian Ringgit, payable on April 1. On this same date, Tender plc. acquired a forward contract to buy 500,000 Malaysian Ringgit on April 1 for 5.2310 April 1 Tender pic submitted full payment of 500,000 Malaysian Ringgit to Kieso, Ltd., after obtaining the 500,000 Malaysian Ringgit on its forward contract. Spot rates and the forward rates for the Malaysian Ringgit were as follows: Forward Rate for Spot Rate (5) April 1 Delivery ($) Nov. 1 0.2260 0.2310 Dec. 31 (reporting date) 0.2290 0.2300 April 1 0.2350 Required: Prepare journal entries for the transactions including the necessary adjustments on December 31. For the toolbar, press ALT+F10 (PC) or ALT+N+F10 (Mac) BIUS Paragraph (15 marks)