Reference no: EM132973501
On December 31, 20x9, Indoy Company, the parent of the 100% owned Japanese subsidiary expected the yen to weaken by the end of 20y0. Accordingly, Indoy Company, the parent contracted with a foreign exchange trader on December 31, 20x9, to sell 2,300,000 yens (the subsidiary's net asset position at that date) in 365 days at the forward rate of P.435. The following direct exchange rates are as follows:
12/31/20x9 (the inception date 12/31/y0 (the expiration date and financial reporting date
Spot rate P.440 P.400
Forward rate (selling forward) .435 .400
The January 1, 20y0 balance of the translation reserve (cumulative) - debit amounted to P129,000 and translation reserve loss for 20x9 of P100,000.
Problem 1. The December 31, 20y0 foreign exchange gain or loss on forward contract to be charged to amounted to:
Problem 2. The December 31, 20y0, translation reserve balance (cumulative translation adjustment) amounted to:
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