Thank you in advance for help with this difficult problem

Part 1 Maple Company had the following export and import transactions during 20X5: 1. On March 1, Maple sold goods to a Canadian company for C$43,000, receivable on May 30. The spot rates for Canadian dollars were C$1 = $0.65 on March 1 and C$1= $0.68 on May 30. 2. On July 1, Maple signed a contract to purchase equipment from a Japanese company for $490,000. The equipment was manufactured in Japan during August and was delivered to Maple on August 30 with payment due in 60 days on October 29. The spot rates for yen were 1 = $0.102 on July 1, #1 = $0.104 on August 30, and \1 = $0.106 on October 29. The 60-day forward exchange rate on August 30, 20X5, was #1 = $0.1055. 3. On November 16, Maple purchased inventory from a London company for 23,000, payable on January 15, 20X6. The spot rates for pounds were 1= $1.65 on November 16, 1 = $1.63 on December 31, and 1= $1.64 on January 15, 20x6. The forward rate on December 31, 20X5, for a January 15, 20X6, exchange was 1 = $1.645. Required: Prepare journal entries to record Maple's import and export transactions during 2005 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 X 1 Record the sale of goods. > 2 Record the foreign currency transaction gain or loss. 3 Record the receipt of foreign currency receivables. 4 Record the receipt of foreign currency. Credit Note: = journal entry has been entered Record entry Clear entry View general journal a-2 2 View transaction list 1 Record the commitment to purchase the equipment. > 2 Record the purchase of the equipment. 3 Record the revaluation of the foreign currency. 4 Record the receipt of foreign currency. . 5 Record the payment of accounts payable. Debit Credit Note : = journal entry has been entered Record entry Clear entry View general journal a-3 View transaction list X 1 Record the purchase of inventory. > 2 Record the revaluation of the foreign currency. IN 3 Record the revaluation of the foreign currency. 4 Record the receipt of the foreign currency, 5 Record the payment of accounts payable. Credit Note: journal entry has been entered Record entry Clear entry View general journal b. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X5? Foreign currency transaction of Part II Assume that Maple used forward contractsto 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$43,000 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 490,000 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 23,000 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 X 1 Record the entry for the 90-day forward contract signed for the forecasted foreign currency transaction. casted 2 Record the revaluation of the foreign currency. 3 Record the payment to the exchange broker in accordance with the forward contract. 4 Record the receipt of cash from the exchange broker. Debit Credit Note : = journal entry has been entered Record entry Clear entry View general journal a-2 View transaction list X 1 Record the entry for the 120-day forward contract signed for the forecasted foreign currency transaction. > 2 Record the revaluation of the foreign currency. recasted 3 Record the gain or loss on the financial instrument aspect of the firm commitment. st 4 Record the acquisition of the equipment. Debit Credit 5 Record the revaluation of the foreign currency. vo 6 Record the payment of cash to the exchange broker. 7 Record the receipt of foreign currency. Note : = - journal entry has been entered Record entry Clear entry View general journal a-3 View transaction list X: 1 > Record the entry for the signed 60-day undesignated forward contract. ct. 2 Record the revaluation of the foreign currency. 3 Record the revaluation of the foreign currency. 4 Record the payment of cash to the exchange broker. Debit Credit 5 Record the receipt of foreign currency. Note : = journal entry has been entered Record entry Clear entry View general journal b. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20X5 if Parts, and Il of this problem were combined? Foreign currency transaction of c. What amount of foreign currency transaction gain or loss would Maple report on its income statement for 20x6 if Parts and ll of this problem were combined? Foreign currency transaction