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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.
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