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Prepare all necessary journal entries for taste bits inc

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Reference no: EM132973512

Taste Bits Inc. purchased chocolates from Thailand for 200,000 bahts on December 1, 20x9. Payment is due on January 30, 20y0. On December 1, 20x9, the company also entered into a 60-day forward contract to purchase 200,000 bahts. The forward contract is not designated as a hedge.

The rates were as follows:

                                      Spot Rate              Forward Rate

December 1, 20x9        P0.89               P0.90 (60 days)

December 31, 20x9          P0.91             P0.93 (30 days)

January 30, 20y0                P0.92

Problem 1: Prepare ALL necessary journal entries

Reference no: EM132973512

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