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Make all journal entries necessary on ramus books

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Reference no: EM13547858

On September 1, 2008, Ramus Company purchased machine parts from Ho Man Tin Company for 6,000,000 Hong Kong dollars to be paid on January 1, 2009. The exchange rate on September 1 is HK$7.7 = $1. On the same date, Ramus enters into a forward contract and agrees to purchase HK$6,000,000 on January 1, 2009, at the rate of HK$7.7 = $1.

Make all journal entries necessary on Ramus' books on three dates-September 1, 2008, December 31, 2008, and January 1, 2009-to record this purchase and the forward contract. On December 31, 2008, and on January 1, 2009, the exchange rate is HK$8.0 = $1. Ramus uses a perpetual inventory system.

Reference no: EM13547858

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