Please show the full solutions please and thank you it would be greatly appreciated. Thanks so much and have a nice day!

Hamilton Importing Corp. (HIC) Imports goods from countries around the world for sale in Canada. On December 1, Year 3, HIC purchased 11,600 watches from a foreign wholesaler for DM615,000 when the spot rate was DM1 = $0.757. 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 DMI = 50.797. Hedge accounting is not applied. The fiscal year-end of HIC Is December 31. On this date, the spot rate was DM1 = $0.773 and the 90-day forward rate was DM1 $0.B02. The payment to the foreign suppler was made on April 1, Year 4, when the spot rate was DMT - $0.818. 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 colls blank - be certain to enter "o" wherever required.) Date General Journal Credit December 1, Year Inventory Accounts payable Record the purchase of Inventory. Debit 466312 466312 December 3, Year) No Journal entry required No journal entry required Recond the forward contract. December 31, Year) 9856 Exchange loss Accounts payable Nevalue acounts payable at tale value. 9956 Forward contract Exchange ya Revalue forward contract at fair value 0 April 1, Year 4 27720 Exchange Loc Ants payable Real Accounts payable at tale va 27720 o Forvard Contract Emange gain O Revalve ward contract at tale value Cae Torward con Cash econd the receipt of fue bank OO Apaya 0710 Beded the cash pa for purta inventory (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.) Kamilton Importing Corp. Partial Statement of Financial Position at December 31, Year 3 Asseto Torward contract Liabilities Accounts payable 476168 (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 "o" wherever required.) General Journal Summary Journal entry Debit Credit Record the summary of purchase of inventory and forward contract. (d) Prepare the journal entries required in Year 3 and Year 4, assuming that the forward contract is designated as a fair value hedge and is segregated between the spot element and forward element. (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 "o" wherever required.) General Journal Debit Credit December 1, Year 3 Date Record the purchase of Loventory December 3, Year 3 Record the forward contract. December 31, YERE) Hevaluaccounts payable et fair value. II ve Erward content at tale value. (d) Prepare the Journal entries required in Year 3 and Year 4, assuming that the forward contract is designated as a fair value hedge and is segregated between the spot element and forward element. (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 "O" wherever required.) GERAL Credit December 1, Your Date Debit Record the purchase of inventory. December 3, Year 3 record the forward contract. December 31, Year) Revalve accounts payable at fair value. Havalue forward contract fair value Record sertization on trom premium on forward contract over 4 months. April 1. Year Hvalue accounts payable as fair value . . . . Ravalue forward contrast air value Record tutto lose to promo forward contact over month Becord the receipt of a trombank Revalue forward contract at fair value. Record amortization loss from premium on forward contract over 4 months. April 1, Year 4 Revalue accounts payable at fair value. Revalue forward contract at fair value. A Record amortization loss from premium on forward contract over 4 months. Record the receipt of cash from bank Record the cash paid for purchase of Inventory (e) Prepare one journal entry to summarize the combined effect of all entries in part (d). (In cases where no entry is required. F select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter" wherever required.) deneral Journa Credit mary journal entry Debit Hecord the sury of purchase of inventory and forward contract. Hamilton Importing Corp. (HIC) Imports goods from countries around the world for sale in Canada. On December 1, Year 3, HIC purchased 11,600 watches from a foreign wholesaler for DM615,000 when the spot rate was DM1 = $0.757. 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 DMI = 50.797. Hedge accounting is not applied. The fiscal year-end of HIC Is December 31. On this date, the spot rate was DM1 = $0.773 and the 90-day forward rate was DM1 $0.B02. The payment to the foreign suppler was made on April 1, Year 4, when the spot rate was DMT - $0.818. 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 colls blank - be certain to enter "o" wherever required.) Date General Journal Credit December 1, Year Inventory Accounts payable Record the purchase of Inventory. Debit 466312 466312 December 3, Year) No Journal entry required No journal entry required Recond the forward contract. December 31, Year) 9856 Exchange loss Accounts payable Nevalue acounts payable at tale value. 9956 Forward contract Exchange ya Revalue forward contract at fair value 0 April 1, Year 4 27720 Exchange Loc Ants payable Real Accounts payable at tale va 27720 o Forvard Contract Emange gain O Revalve ward contract at tale value Cae Torward con Cash econd the receipt of fue bank OO Apaya 0710 Beded the cash pa for purta inventory (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.) Kamilton Importing Corp. Partial Statement of Financial Position at December 31, Year 3 Asseto Torward contract Liabilities Accounts payable 476168 (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 "o" wherever required.) General Journal Summary Journal entry Debit Credit Record the summary of purchase of inventory and forward contract. (d) Prepare the journal entries required in Year 3 and Year 4, assuming that the forward contract is designated as a fair value hedge and is segregated between the spot element and forward element. (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 "o" wherever required.) General Journal Debit Credit December 1, Year 3 Date Record the purchase of Loventory December 3, Year 3 Record the forward contract. December 31, YERE) Hevaluaccounts payable et fair value. II ve Erward content at tale value. (d) Prepare the Journal entries required in Year 3 and Year 4, assuming that the forward contract is designated as a fair value hedge and is segregated between the spot element and forward element. (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 "O" wherever required.) GERAL Credit December 1, Your Date Debit Record the purchase of inventory. December 3, Year 3 record the forward contract. December 31, Year) Revalve accounts payable at fair value. Havalue forward contract fair value Record sertization on trom premium on forward contract over 4 months. April 1. Year Hvalue accounts payable as fair value . . . . Ravalue forward contrast air value Record tutto lose to promo forward contact over month Becord the receipt of a trombank Revalue forward contract at fair value. Record amortization loss from premium on forward contract over 4 months. April 1, Year 4 Revalue accounts payable at fair value. Revalue forward contract at fair value. A Record amortization loss from premium on forward contract over 4 months. Record the receipt of cash from bank Record the cash paid for purchase of Inventory (e) Prepare one journal entry to summarize the combined effect of all entries in part (d). (In cases where no entry is required. F select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter" wherever required.) deneral Journa Credit mary journal entry Debit Hecord the sury of purchase of inventory and forward contract