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How much forex gain or loss should the company report

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Question - SG Corporation purchases 80,000 US dollars under a forward contract dated November 1, 2016, for delivery on January 31, 2017. The following are the direct exchange rates of a US dollar:

 

11/01/2016

12/31/2016

01/31/2017

Spot rates

45.75

44.90

44.50

30-day forward rate

44.30

46.15

43.20

60-day forward rate

47.65

44.30

45.75

90- day forward rate

45.25

45.45

44.10

If the forward contract is a hedge of an import transaction of $80,000 dated November 1, 2016, payable on January 31, 2017, how much forex gain(loss) should the company report on its December 31, 2016 statement of comprehensive income?

Reference no: EM133055164

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