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Prepare the general journal entries that cpa would record

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Problem - On November 1, 2010, CPA Corporation, a calendar-year US corporation, invested in a purely speculative contract to purchase 1 million euros on January 30, 2011, from CMA Company, a German brokerage firm. CPA agreed to purchase 1,000,000 euros from CMA at a fixed price of $1.020 per euro. CMA agreed to transmit 1,000,000 euros to CPA on January 30, 2011. The spot rates for euros are:

Nov 01, 2010 1 euro = $1.015

Dec 31, 2010 1 euro = $0.995

Jan 30, 2011 1 euro = $1.010

The 30-day futures rate for euros on December 31, 2010 was $1.005.

Required: Prepare the General Journal entries that CPA would record on November 1, December 31, and January 30.

Reference no: EM131921133

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