Exchange Rates and Hedging

Exchange rates and hedging
On October 1 2015,Glenn Company accepted a shipment of beer from Germany.The purchase contract specifies payment of 3,000,000 euros is to be made on December 1,2015.The exchange rate on October 1,2015 was: $1 = 1.4 euros.
Instructions:
(a)If the exchange rate on December 1 2015 is: $1 = 1.18 Euros,what amount of gain or loss due to the exchange rate fluctuation will be recognized on the purchase?
(b)On October 1,Glenn's analysts were forecasting the exchange rate to be: $1 = 1.20 Euros on December 1,2015.Glenn can enter into a hedging contract on October 1,2015 whereby the bank would accept $2,480,000 in exchange for 3,000,000 Euros on December 1.The bank will charge a $2,000 fee to enter into the agreement.Should Glenn enter into the hedge agreement?
(c)If Glenn enters into the hedging contract,what will be the exchange gain/loss recorded on December 1,2015? (Do not round your intermediate computations and round final answers to nearest whole dollar.)