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On December 1, 2007, Crane Corporation agreed to purchase a machine to be manufactured by a company in Germany. The purchase price as 1,200,000 German marks. To hedge against fluctuations in the exchange rate, Crane entered into a forward contract on December 1 to buy 1,200,000 marks on April 1, the agreed date of machine delivery, for $.475 per mark. The following exchange rates were quoted:
Forward Rate
Date Spot Rate (Delivery on 4/1)
December 1 .490 .475
December 31 .470 .473
April 1 .485 --
Required:
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
Discuss what is Accounting and why is it important? Be sure to include the different types of users of Accounting and their need for accounting.
Are there any other regulatory controls or mechanisms (other than internal controls) that could prevent management fraud in Australia? If so, briefly discuss the ability of these mechanisms to prevent fraud?
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