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Ivan has 14,000 barrels of oil that were purchased a month ago at $50.00 per barrel. On November 1, 2014, Ivan hedges the value of the inventory by entering into a forward contract to sell 14,000 barrels of oil on January 31, 2015 for $60.00 per barrel. The forward contract is to be settled net.
Assume this is a fair value hedge.
Assume a 6% discount rate is reasonable, and using a mixed-attribute model, prepare the journal entries to account for this hedge at the following dates:
When the market price is...
November 1, 2014
$60.00 per barrel
December 31, 2014
$65.00 per barrel
January 31, 2015
$62.00 per barrel
Da Show Inc. owns and operates movie theaters throughout Texas and California. Da Show has declared the following annual dividends over a six-year period: 2003, $18,000; 2004, $54,000; 2005, $70,000; 2006, $75,000; 2007, $80,000; and 2008, $90,000..
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