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What amount of unrealized forward loss biasa recognize

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Reference no: EM133187015

Question - On January 2, 2021, Biasa Company enters a forward contract to purchase on January 2, 2023, a specified number of barrels of oil at a fixed price of P3,150,000. Biasa Company does not pay anything to enter the forward contract on January 2, 2021. Biasa Company designates the forward contract as a cash flow hedge. At the end of 2021, the barrels of oil has increased by P400,000 and at the end of 2021 its fair value has declined by P350,000 at the end of 2022. What amount of unrealized forward loss should Biasa Company recognize at the end of year 2021?

Reference no: EM133187015

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