Problem $11-23($Static$)$ Foreign Purchases and Sales Transactions and Hedging LO $11-2,11-3$ Part I Maple Company had the following export and import transactions during $20$X$5$: On March $1,$ Maple sold goods to a Canadian company for C$$30,000,$ receivable on May $30.$ The spot rates for Canadian dollars were C$$1=$ $$0\mathrm{.}65$ on March $1$ and C$$1=$ $$0\mathrm{.}68$ on May $30.$ On July $1,$ Maple signed a contract to purchase equipment from a Japanese company for $500,000.$ The equipment was manufactured in Japan during August and was delivered to Maple on August $30$ with payment due in $60$ days on October $29.$ The spot rates for yen were $1=$ $$0\mathrm{.}102$ on July $1,1=$ $$0\mathrm{.}104$ on August $30,$ and $1=$ $$0\mathrm{.}106$ on October $29.$ The $60-$day forward exchange rate on August $30,20$X$5,$ was $1=$ $$0\mathrm{.}1055.$ On November $16,$ Maple purchased inventory from a London company for $10,000,$ payable on January $15,20$X$6.$ The spot rates for pounds were $1=$ $$1\mathrm{.}65$ on November $16,1=$ $$1\mathrm{.}63$ on December $31,$ and $1=$ $$1\mathrm{.}64$ on January $15,20$X$6.$ The forward rate on December $31,20$X$5,$ for a January $15,20$X$6,$ exchange was $1=$ $$1\mathrm{.}645.$ Required: Prepare journal entries to record Maple$$s import and export transactions during $20$X$5$ and $20$X$6.$ a$-1$ a$-2$ a$-3$ b$.$ What amount of foreign currency transaction gain or loss would Maple report on its income statement for $20$X$5?$