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Question - Hull Manufacturing Corp. (HMC), a Canadian company, manufactures instruments used to measure the moisture content of barley and wheat. The company sells primarily to the domestic market, but in Year 3, it developed a small market in Argentina. In Year 4, HMC began purchasing semi-finished components from a supplier in Romania. The management of HMC is concerned about the possible adverse effects of foreign exchange fluctuations. To deal with this matter, all of HMC's foreign-currency-denominated receivables and payables are hedged with contracts with the company's bank. The year-end of HMC is December 31.
The following transactions occurred late in Year 4:
During this period, the exchange rates were as follows:
Spot rates
Forward rates
October 15, Year 4
RL1 = $0.408
December 1, Year 4
AP1 = $0.262
December 15, Year 4
RL1 = $0.400
December 31, Year 4
AP1 = $0.246
AP1 = $0.235
Required:
(a) Prepare the Year 4 journal entries to record the transactions described above and any adjusting entries necessary.
(b) Prepare the December 31, Year 4, balance sheet presentation of the receivable from the Argentinean customer, and the accounts associated with the forward contract.
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