On March 1,20X2,McBride Ltd.issued a purchase order to Tao Heavy Machines (Singapore) Inc.to acquire a drilling machine for $400,000 SGD.On the same day,McBride entered into a forward contract to receive $400,000 SGD on July 31,20X2.The machine was delivered on June 1,20X2 and payment was made July 31,20X2.McBride has an April 30 year-end.The following information has been provided:
Assume that the transaction qualifies as a cash-flow hedge.What is the carrying value of the machine?
Definitions:
OS
Operating System, software that manages computer hardware, software resources, and provides common services for computer programs.
Director
An individual appointed or elected to the board of an organization who is responsible for overseeing and guiding the company's policies, finances, and operations.
Systems Software
The class of computer instructions that serve primarily as an intermediary between computer hardware and application programs; provides important self-regulatory functions for computer systems.
Price
The amount of money expected, required, or given in payment for something.
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