Ferb Company is a U.S.-based importer of fine fabrics.They periodically place orders with an Italian manufacturer for bolts of fabric at a price typically set in euros.Because they have business on an ongoing basis in euros,Ferb also enters into forward contracts to speculate on the Euro.On September 15,Ferb entered into a 45-day forward contract to purchase 2,000,000 euros.Ferb has a year-end of September 30.The forward contract cannot be settled net.Relevant exchange rates are shown below:
Required:
Prepare the journal entries to account for the forward contract for September and October.
Definitions:
Adoption Benefits
Employment benefits, such as leave or financial assistance, offered to employees to support the process of adopting a child.
Innovative Benefits
Non-traditional employee perks designed to enhance job satisfaction and productivity, often tailored to meet unique needs.
Talent
The natural aptitudes, skills, and competencies possessed by individuals, especially those that are valuable to organizations.
Paid-Time-Off Plans
Employee benefit programs that offer a pool of days for vacation, sick leave, and personal time, which employees can use at their discretion.
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