b ) Prepare a partial statement of financial position as at December 31, Year 3, which shows accounts payable and the forward contract. (Omit $ sign in your response.)

Hamilton Importing Corp.
Partial Statement of Financial Position
at December 31, Year 3
Assets
(Click to select) Equipment Forward contract Land Inventories Exchange gains and losses Current assets Receivable from bank Cash		$
Liabilities
(Click to select) Common shares Bonds Current liabilities Long-term debt Accounts payable Notes payable

c) Prepare one journal entry to summarize the combined effect of all entries in part (a). (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required.)

Hamilton Importing Corp. (HI) Imports goods from countries around the world for sale in Canada. On December 1. Year 3. HIC purchased 11,300 watches from a foreign wholesaler for DM613,000 when the spot rate was DM1 = $0.754. The Invoice called for payment to be made on April 1, Year 4. On December 3. Year 3, HIC entered into a forward contract with the Royal Bank at the 120-day forward rate of DM1 = $0.794. Hedge accounting is not applied. The fiscal year-end of HIC is December 31. On this date, the spot rate was DM1 = $0.770 and the 90-day forward rate was DM1 = $0.799. The payment to the foreign supplier was made on April 1. Year 4, when the spot rate was DM1 = $0.816. Required: (a) Prepare the Journal entries required in Year 3 and Year 4, assuming that hedge accounting is not applied. (In cases where no entry is required, please select the option "No Journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required.) Credit Date December 1, Year 3 Debit 496722 4967722 General Journal Click to select) Accounts payable Record the purchase of inventory. No journal entry require No journal entry requiry Record the forward contract. December 3, Year 3 December 31, Year 3 No journal entry requires No journal entry requir Revalue accounts payable at tair value. 3065 Click to select (Click to select) Revalue forward contract at fair value. 3065 April 1, Year 4 No journal entry required No journal entry requiry Revalue accounts payable at fair value. V 10421 Click to select) (Click to select) 10421 Revalue forward contract at fair value. Click to select) Click to select) V Click to select) V Record the receipt of cash from bank. KISS (Click to select) Click to select V Record the cash paid for purchase of inventory