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Wild Mines Ltd exports iron ore to China. On 1 March 2021, Wild Mines enters into a binding contract to export iron ore to New Star China Ltd. The contract price is US $3 million. Worried about exchange rate fluctuations, Wild Mines enters into a forward-rate contract with My Bank Ltd but for $2 million. New Star receives the shipment on 17th May 2021 and made the payment on 17th July 2021. Wild Mines' reporting year ends on 30 June 2021.
Additional information:
Date Spot rate Forward rate 1 March 2021 US $0.72 US $0.7517 May 2021 US $0.74 US $0.7630 June 2021 US $0.71 US $0.7217 July 2021 US $0.73 US $0.73
Required:
Problem 1: Prepare the necessary journal entries in the books of Wild Mines Ltd.
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