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On December 18, Year 1, Company A plans to purchase a printing press or €300,000 when it is completed on February 18, Year 2. The company entered into a forward exchange contract to avoid paying more for the printing press if the exchange rate increases. Relevant exchange rates are as follows:
Spot rate. Forward rate
December 18, Year 1. $1.32. $1.25December 31, Year 1 1.35 1.31February 18, Year 2 1.37
Problem 1: Company A accounts for the forward contract as a cash flow hedge. What amount, if any, of foreign currency gain/loss from the forward contract should Company A report in its income statement for the year ended December 31, Year 1? A. $0 B. $18,000 gain
C. $18,000 loss
D. $6,000 loss
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