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M Company has the following export and import transactions during 20X5:
Required:
Question a. Prepare journal entries to record M's import and export transactions during 20X5 and 20X6.
Question b. What amount of foreign currency transaction gain or loss would M report on its income statement for 20X5?
Part II:
Assume that M used forward currency contracts to manage the foreign currency risks of all of its export and import transactions during 20X5.
Question a. Prepare the journal entries required to record M's foreign currency activities during 20X5 and 20X6.
Question b. What amount of foreign currency transaction gain or loss would M report on its income statement for 20X5 if Parts I and II of this problem were combined?
Question c. What amount of foreign currency transaction gain or loss would M report on its income statement for 20X6 if Parts I and II of this problem were combined?
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