S 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$34,000 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 14,000 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.) a-1 View transaction list 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.