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Prepare the General Journal entries that Ross would record

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Question - On November 1, 2011, Ross Corporation, a calendar-year U.S. corporation, invested in a purely speculative contract to SELL 1 million euros on January 30, 2012, to Trattoria Company, an Italian brokerage firm. Ross agreed to sell 1,000,000 euros from Trattoria at a fixed price of $1.525 per euro. Ross agreed to transmit 1,000,000 euros to Trattoria on January 30, 2012. Net settlement is NOT permitted. The spot rates for euros are:

Nov 01, 2011 1 euro = $1.455

Dec 31, 2011 1 euro = $1.395

Jan 30, 2012 1 euro = $1.410

The 30-day futures rate for euros on December 31, 2011 was $1.405.

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

Reference no: EM132863246

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