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Denizen Corporation
1. On December 1, 2008, Denizen Corporation entered into a 120-day forward contract to purchase 20,000 Canadian dollars (C$). Denizen%u2019s fiscal year ends on December 31. The forward contract was to hedge a firm commitment agreement made on December 1, 2008, to purchase electronic goods on January 30, 2009, with payment due on March 31, 2009. The derivative is designated as a fair value hedge. The direct exchange rates follow:
Date
Spot Rate
Forward Rate for March 31, 2009
December 1, 2008
0.940
0.944
December 31, 2008
0.945
0.947
January 30, 2009
0.943
March 31, 2009
0.941
Prepare all journal entries for Denizen Corporation.
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