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Prepare journal entries for speculative forward contract

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Reference no: EM133151364

Question - On December 1, Year 1, Triaxal Incorporation enters into a forward contract to sell one million Philippines pesos (PP) to its bank in exchange for Canadian dollars on March 1, Year 2, at the market rate for a 90-day forward contract of PP1=$0.0227. On December 31, Year 1, Triaxal's year-end, the 60-day forward rate to sell Philippines pesos on March 1 is quoted at PP1=$0.0222. On March 1, Year 2, the currencies are exchanged when the spot rate is PP1=$0.0220.

Required - Prepare journal entries for speculative forward contract under Gross Method and Net Method?

Reference no: EM133151364

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