On December 1, 2013 Compucat Also Shipped a Batch of Laptop

question 44

Essay

On December 1, 2013 Compucat also shipped a batch of laptop computers to an American client for $250,000US. The invoice required that Compucat receive its payment in full by January 31, 2013. On the date of the sale, the company entered into a forward contract for $250,000US at the two-month forward rate of $1US = $1.25CDN. This forward contract was designated to be a fair value hedge of the amount due from the American customer. The dates and exchange rates relevant to these transactions are shown below. Prepare the 2013 journal entries to record the above transactions. In addition, prepare any adjusting journal entries that you deem necessary.

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Definitions:

Transgender

Referring to individuals whose gender identity or expression differs from the sex they were assigned at birth.

Distress

Extreme anxiety, sorrow, or pain.

Transgender

A phrase defining an individual whose gender identity does not align with the sex designated to them at birth.

Sex-Reassignment Surgery

Surgical procedures that change one's bodily appearance and function to better reflect a person’s identified gender.