Prepare all journal entries relative to the avobe event

Reference no: EM132728419

Dane In.c sold inventory on September 10, 2019 to a foreign customer for 500,000 Units of foreign currency (FC). Simultaneously, the company entered into a forward contract to sell 500,000 units of foreign currency on January 10, 2020 at the forward rate of $0.77. Payment was made by the foreign customer on January 10, 2020.

The company ends its fiscal year on December 31. The following exchange rates were quote:

Date Spot Rate Forward Rate Delivery

1/10/2009/10/19 0.78 0.77

12/31/19 0.71 0.72

1/10/20 0.74

Problem A. Prepare all Journal entries relative to the avobe event on September 10, 2019

Reference no: EM132728419

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