Helvetia Corp. ,a Swiss firm,bought merchandise from Bouchard Company of Quebec on December 15,20X7 for 20,000 CHF,payable on January 14,20X8.Bouchard and Helvetia both close their books on December 31.The 20,000 CHF was paid on January 14,20X8.The exchange rates for CHF1 were: 
Required:
Provide the journal entries for Bouchard (the seller)at each of the above dates,as required.The account was hedged by Bouchard through a 30 day forward contract.Bouchard uses the gross method to record hedge transactions.Bouchard reports under IFRS.
Definitions:
Current Position Analysis
Current position analysis is a review of the operations, resources, and financial health to evaluate a company's current state.
Return
The income produced by an investment, typically expressed as a percentage of the investment’s cost.
Total Assets
The sum of all assets owned by a company, including cash, investments, equipment, and real estate.
Profitability
A measure of how efficiently a company or project generates profit in relation to its revenue or investments.
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