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Prepare only the necessary journal entries on january 1

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Question

In January 1, 2017, Sheridan Inc. entered into a forward contract to purchase U.S. $5,460 for $5,700 Canadian in 30 days. On January 15, the fair value of the contract was $33 (reflecting the present value of the future cash flows under the contract). Assume that the company would like to update its records on January 15.

Prepare only the necessary journal entries on January 1 and 15, 2017.

Reference no: EM132317001

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