Rex Corporation, a U.S. firm with a calendar accounting year, agreed to buy a specially made truck from a Japanese firm for delivery on January 31, 20X2 with payment due on 2/28/X2. On the same date the agreement was signed, November 1, 20X1, a forward contract due on February 28, 20X2, was also signed to purchase 1,000,000 yen, the contract price of the truck. Exchange rates were as follows:
Discount rate = 8%
Required:
Prepare the journal entries needed to properly reflect the purchase and forward contract through the end of the fiscal year.
Definitions:
Internal Locus of Control
A psychological concept where individuals believe they have control over the outcomes of their actions and the events in their life.
Personal Belief
An individual’s own ideas and convictions, which form the basis of their personal values and decision-making processes.
Established Business Ownership
Ownership of a business that has a track record of operations and revenue, distinguishing it from new ventures or startups.
Innovation-Driven Economies
Economies that are characterized by a high level of investment in knowledge and technology and have a strong focus on research and development leading to innovation.
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