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Question - You are a controller at YY Trading Ltd. YY has increased inventory purchases with Brazilian suppliers in recent years. To protect against exchange rate fluctuations, you decided to arrange a term loan in Brazilian real with your bank. On December 31, 2017, a loan of Real 1,970,000 was arranged with an interest rate of 5.25% per year. Interest is payable at the end of each year. The term loan would mature at the end of 2020. You designated this loan as a cash flow hedge of future inventory purchases.
According to your budget, you expected the following inventory purchases (in Brazilian real) in the following years:
2018 - 860,000,
2019 - 745,000,
2020 - 365,000
Exchange rates for Brazilian real at the year-end date of the past four years were as following:
2017 - 0.40710
2018 - 0.35660
2019 - 0.33710
2020 - 0.26250
Your company's year-end is on December 31.
Required - Prepare the journal entries required for 2018, 2019 and 2020 related to this cash flow hedge.
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