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On January 1, Year 5, Fruit Inc., a B.C. company, bought Peaches from Superfoods., a foreign company, for FC400,000, with payment due on May 1, Year 5. On the same date, Fruit entered into a forward contract with the bank to buy foreign currency (FC) on May 1, Year 5 at a rate of FC1 = C$2.00. The forward contract was designated as a fair value hedge. On May 1, Year 5, Fruit settled the forward contract with the bank. Spot exchange rates were as follows: January 1 FC1 = C$2.10 May 1 FC1 = C$2.03
Required:
Problem a) Prepare the memorandum and journal entries to record the above transactions.
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