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Question - James Corp. entered into a forward contract to hedge a sale of inventory in October 26, 2030 to be collected on January 24, 2031. 72,000 FC in 90 days. The relevant exchange rates are as follows:
Spot Rate
Forward Rate (1/24/2031)
October 26, 2030
P52.73
P52.77
December 31, 2030
52.82
52.89
January 24, 2031
52.94
Required -
1. What is the net forex gain (loss) from this transaction and hedge that will be reported on James' 2030 statement of income?
2. The fair value of the forward contract on October 26, 2030 is ____.
3. Determine the cost to James of entering into hedge of the foreign currency on October 26, 2030.
4. Total sales to be recorded in the 2030 income statement is ____.
5. The fair value of the forward contract liability on December 31, 2030 is _____.
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