U TION POR TIC INGATIWU QUESTIONS Matthew Corporation entered into a forward exchange contract (FEC) to purchase 10,000 foreign currency units (FCU) in 90 days. The FEC was dated November 1, 2019. and the purchase is to be made on January 30, 2020. Exchange rates are given below: Forward Rate Forward Rate Spot Rate 30-Day 90-Day November 1, 2019 $0.80 NA $0.77 December 31, 2019 $0.83 $0.82 NA 9. Assume that Matthew's Treasurer felt that the company's earnings would increase for the next quarter if he purchased a FEC. In Matthew's income statement for the year ended December 31, 2019, what amount of gain or loss should be reported from this FEC? 10. Instead of the motive of the treasurer given above, the FEC was entered into as a cash flow hedge (ie, to hedge a forecasted transaction). In Matthew's income statement for the year ended December 31, 2019, what amount of gain or loss should be reported from this FEC