Exercise 12-12 Your answer is partially correct. Try again. On November 15, 2014, Solanski Inc. imported 500,000 barrels of oil from an oil company in Venezuela. Solanski agreed to pay 54,500,000 bolivars on January 15, 2015. To ensure that the dollar outlay for the purchase will not fluctuate, the company entered into a forward contract to buy 54,500,000 bolivars on January 15 at the forward rate of $0.0269. Direct exchange rates on various dates were: November 15 December 31 January 15 Spot Rate $0.0239 0.0224 0.0291 Forward Rate 1/15 Delivery $0.0269 0.0254 Solanski Inc. is a calendar-year company. Compute the following: 1. The dollars to be paid on January 15, 2015, to acquire the 54,500,000 bolivars from the exchange dealer. Dollars to be paid 1452600 2. The dollars that would have been paid to settle the account payable had Solanski not hedged the purchased contract with the forward contract. Dollars paid to settle the account payable 81000 3. The discount or premium on the forward contract. Premium on the forward contract 199800 4. The transaction gain or loss on the exposed liability related to the oil purchase in 2014 and 2015. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) 2014 2015 Transaction gain or (loss) 5. The transaction gain or loss on the forward contract in 2014 and 2015. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) 2014 2015 Transaction gain or loss)