Revenue for sale on chretiens income statement

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Reference no: EM133328249

Question: Johnson Co., a Canadian company, sold iron ore to a foreign company for US$100,000, with payment to be received on February 1, 2012. Johnson entered into a forward contract to deliver US$100,000 in exchange for Canadian dollars but decided not to apply hedge accounting. The following are the events related to this sale and the exchange rates during 2011 and 2012:

Date Event Spot Rates Forward Rates

Oc1, 2011 Received order for goods US$1 = $0.988 US$1 = $0.984

Nov 1, 2011 Delivered goods and signed forward contract US$1 = $0.987 US$1 = $0.981

Dec 31, 2011 Year end for Johnson US$1 = $0.985 US$1 = $0.987

Feb 1, 2012 Received cash US$1 = $0.989 US$1 = $0.989

What is the amount of revenue for this sale on Chretien's income statement?

Reference no: EM133328249

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