Question 7 6.4285 points Save Answer On January 1, 2015, North Company made a firm commitment to purchase some inventory from a supplier for 15.000 euros. Delivery and payment is to occur on October 30, 2015. The spot rates on January 1, 2015 and October 30, 2015 are $2.60 and $2.40. On the same date, North Company entered into a foreword contract to purchase 10.000 euros on Oct 30, 2015 with the forward rate of $2.70. Assume this forward contract qualities for hedge accounting. What is the total gains and losses associated with these two contracts? $0 Gain of $1,500 Loss of $1,500 Gain of $3,000 Loss of $3,000