Reference no: EM133179232
Question 1 - On December 1, 20x1, Harold Corp anticipates a sale to foreign customer in Japan amounting to 1,000,000 yen. On the same date, Harold Corp paid P15,000 to purchase a put option to sell 1,000,000 yen on March 1, 20x2 at a strike price of P0.50.
On March 1, 20x2, the anticipated sale takes place but the amount is 980,000 yen. The changes in the time value of the option will be excluded from the assessment of hedge effectiveness. The following are the relevant data:
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12/1/x1
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12/31/x1
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3/1/x2
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Spot rate
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0.490
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0.492
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0.489
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Strike Price
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0.500
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0.500
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0.500
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Fair value put option
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10,000
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What is the foreign exchange gain or loss on option contract that would affect earnings on March 1, 20x2?
a. 3,000 gain
b. 1,000 gain
c. 8,000 gain
d.2,000 loss
Question 2 - On December 1, 20x3, Chris Corp. accepted a non-cancellable sale order from a Chinese Company for CN Yuan 150,000. The goods were delivered on December 24, 20x3. The invoiced was dated December 10, 20x3, shipping date (FOB shipping point). The Chinese Company paid Chris Corp on January 25, 20x4. The relevant exchange rate for 1 Peso to Yuan are shown below:
December 1, 20x3 0.1239
December 10, 20x3 0.1230
December 24, 20x3 0.1242
December 31, 20x3 0.1237
January 25, 20x4 0.1235
What is the total amount of sales to be reported by Chris Corp.?
a. 18,630
b. 18,450
c. 1,219,512
d. 1,210,654
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