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Question - Boss Jhong, a money changer speculate in foreign currency as his business. On October 1, 2019, Boss Jhong bought a 180-day forward contract to purchase 5,000 US Dollar at a forward rate of $1 = 56.50 when the spot rate was 56.00. Other exchange rates were as follows:
Fair Value of Options Spot Rate Forward Rate
For March 31, 2020
December 31, 2019 56.30 56.60
March 31, 2020 56.32
Required - What is the forex gain (loss) to be recognize by Boss Jhong from this forward contract?
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