On December 1,20X5,Gillard Ltd

question 5

Multiple Choice

On December 1,20X5,Gillard Ltd.sold goods to International Traders Ltd. ,a company located in Switzerland for 500,000 Swiss francs (CHF) .At the date of sale,the spot rate was CHF1 = $1.0329.On the same date,Gillard acquired a 90-day forward contract at a rate of CHF1 = $1.0315.On March 1,20X6,Gillard receives full payment from International Traders and delivered the Swiss francs in execution of the forward contract.The spot rate at March 1,20X6 was CHF1 = $1.0287.What is the net exchange gain (loss) on the forward contract?

• A)$(2,100)
• B)$(700)
• C)$700
• D)$1,400

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