Current Attempt in Progess flosion fuporting Co is a US wholesuler engened in foreign trade. The following transactions are representative of its hosiness dealings. The consany wes a periodic ineritory system and is on a calendar$-$pear basis. All echange rates are direct equations. $\backslash (\{\}^\{\backslash$text $\{$onc $\}1\}\backslash )$ Blossom Exporting purchased merchandise from Chang's Ltd$.,$ a Hong Kong manufacturer. The invoice was for $150,000$ Hong Kong dollars, payable on April $1.$ On this same date, Blossom Exporting acquired a forward contract to buy $150,000$ Hong Kong dollars on April $1$ for $\backslash (\backslash$$ $0\mathrm{.}1314\backslash ).$ Blossom Exporting sold merchandise to Zintel Retailers for $90,000$ Hong Kong dollars, receivable in $90$ days. No hedging was involved. Blossom Exporting received $90,000$ Hong Kong dollars from Zintel Retailers. Blossom Exporting submitted full payment of $150,000$ Hong Kong dollars to Chang's, Ltd$.,$ after obtaining the $150,000$ Hong Kong dollars on its forward contract.Spet rates and the forward rates for the Hong Kong dollar wereForeard Ratrifor April $1$ Delivery Apr. $1$ Transaction Loss Accounts Payable $($To record gain or loss on foreign currency$)($a$)$ Prepare journal entries for the transactions including the necessary adfustments on December $31.$ Condi account tils are $($To record gain or loss on accounts receivable$)$ Apr. $1($To record gain or loss on accounts receivable$)($To record gain or loss on accounts payable$)($To record gain or loss on foreign currency$)$