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Question - On December 1, 2021, Mosby, a U.S. company, sells goods to a German company, with payment of 100,000 euros to be received on March 1, 2022. Mosby also enters into a forward contract on December 1, 2021 to sell 100,000 euros on March 1, 2022. Exchange rates for the euro on various dates are as follows:
Date
Spot Rate
Forward Rate (to March 1, 2022)
December 1, 2021
$1.28
$1.25
December 31, 2021
1.32
1.30
March 1, 2022
1.34
N/A
Assuming that Mosby designates the forward contract as a fair value hedge of a foreign currency receivable, what is the net impact on its net income in 2021 resulting solely from the fluctuation in the value of Euro? Mosby amortizes forward points on a monthly basis using a straight-line method.
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