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Franklin Corp. (a U.S.-based company) sold inventory to a Canadian company on December 15, 2019, with payment of 10,000 CAD to be received on January 15, 2020. The following exchange rates applied:
Date Spot rate Forward Rate
(to Jan 15, 2020)
December 15, 2019 $0.90 $0.98
December 31, 2019 $0.92 $0.93
January 15, 2020 $0.95 N/A
Problem 1: Assuming a forward contract was not entered into, what would be the net impact on Franklin Corp.'s 2019 income statement related to this transaction?
Option 1: $ 500 (gain)
Option 2: $ 500 (loss)
Option 3: $ 200 (gain).
Option 4: $ 200 (loss).
Option 5: $ - 0 -
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