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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.
Exchange Rate
The value of one currency for the purpose of conversion to another, determining how much of one currency can be exchanged for another.
Net Capital
The total value of a company’s or individual's assets minus liabilities, representing the owner's equity or net worth.
Desirable Investment
An investment opportunity deemed attractive due to factors like potential for high returns, stability, or alignment with the investor's financial goals and risk tolerance.
Exchange Rate
How much one currency is worth in terms of a different currency.
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