Reference no: EM132704524
Question - Our firm purchased equipment for US$100,000 on Dec 1, 2015. Our year end is December 31, and the payable is due on Jan 31, 2016. On December 1, 2015, we entered into a forward exchange contract with the bank to provide us with the US dollars on January 31, 2016.
The following rates were in effect:
Forward Rates:
Dec1, 2015; 60 day forward rate US$1= CDN $1.152
Dec 31, 2015; 30 day forward rate US$1 = CDN $ 1.162
Spot rates
Dec 1, 2015 US$1 = CDN$ 1.130
Dec 31, 2015 US$1 = CDN$ 1.16
Jan 31, 2016 US$1 = CDN$ 1.210
Required - What is the journal entries arising from this transaction, from original sale to final settlement.
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