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On December 15, a company enters into a foreign currency forward to buy €300,000 at C$1.60 per euro in 30 days. The exchange rate on the day of the company's year-end of December 31 was C$1.59: €l.
Required:
Record the journal entries related to this forward contract.
Rational Consumer
An assumption in economics that consumers always make logical decisions that provide them with the highest level of personal utility.
Net Borrower
An entity, such as a government or a business, that borrows more money than it lends, resulting in a net outflow of funds.
Interest Rate
The part of a loan that incurs interest for the borrower, generally expressed as an annual percentage of the outstanding loan.
Net Saver
An individual or institution that saves more resources or funds than they spend or consume.
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