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What is the amount of accounts payable that will be paid

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Lawrence Company, a U.S. company, ordered parts costing 1,000,000 Thailand bahts from a foreign supplier on July 7 when the spot rate was $.025 per baht. A one-month forward contract was signed on that date to purchase 1,000,000 bahts at a rate of $.027.

The forward contract is properly designated as a fair value hedge of the 1,000,000 baht firm commitment.

On August 7, when the parts are received, the spot rate is $.028. What is the amount of accounts payable that will be paid at this date?

Reference no: EM132319035

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