Reference no: EM132601852
Question - On January 1, 2019, Canadian Music International (CMI), a manufacturer of high-end recording equipment based in Toronto, shipped US$120,000 worth of inventory to its main U.S. distributor in Chicago, with full payment of these goods due by February 28, 2019. CMI has a January 31 year end. A list of significant dates and exchange rates is shown below.
Assume the following exchange rates were in effect for 2019:
Transaction Date: January 1, 2019US $1 = CDN $1.141Year-End Date: January 31, 2019US $1 = CDN $1.142Settlement Date: February 28, 2019US $1 = CDN $1.145
Question 1: Using the table above, at what value would CMI record the initial sale to its American distributor?
Question 2: Using the table above, what is the amount of CMI's foreign exchange gain or loss at year-end?
Question 3: Using the table above, what is the amount of cash (in Canadian funds) received by CMI on the settlement date?
Question 4: Using the table above, what is the amount of CMI's foreign exchange gain or loss on February 28th?
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