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What would the entry be related to this contract

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Question - Big Skis Ltd. (BIG) has a December 31 year-end. It sells skis to large US retailers and receives US cash 3 months after shipment. On December 10, 2020, BIG enters into a forward contract for $1,000,000 US at a 3-month forward rate of $1US=$1.34 CDN (ie BIG will sell the US it receives from its customer and receive $1,320,000 CDN from its bank in March 2021). At December 31, 2020, the exchange rate for a March 2021 settlement is now $1US = 1.32 CDN. In March 2021, BIG makes the US$ sale and receives the US$ cash and settles the forward contract. At this time the exchange rate is $1US = 1.36 CDN. What would the entry be related to this f/x contract?

Reference no: EM132830779

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