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:
Posttraumatic Stress Disorder (PTSD)
A mental condition that can develop after a person is exposed to a traumatic event, characterized by re-experiencing, avoidance, arousal, and mood symptoms.
Motor Disorder
Disorders that affect the ability to produce and control bodily movements.
Socialization Skills
The abilities that enable individuals to interact and communicate effectively with others in society.
Cooperative Play
A stage of play development where children play together, share, and engage in group activities.
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