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On March 1, 20X2, McBride Ltd - Assume That the Transaction Qualifies as a Fair-Value Hedge

question 39

Multiple Choice

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: $\begin{array}{|l|c|c|}\hline \text { Date } & \text { Spot Rate } & \text { Forward rate to July } 31,20 \times 2 \\\hline \text { March } 1,20 \times 2 & .7686 & .7810 \\\hline \text { April } 30,20 \times 2 & .7702 & .7818 \\\hline \text { June } 1,20 \times 2 & .7940 & .7985 \\\hline \text { July } 31,20 \times 2 & .7995 & \text { n/a }\\\hline \end{array}$

- Assume that the transaction qualifies as a fair-value hedge. What amount of exchange gain (loss) should be recognized at April 30, 20X2?

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Definitions:

Public Places

Areas that are open and accessible to all members of a community, including parks, streets, and public buildings.

Informal

Lacking official procedures or rules; casual or unofficial in nature.

Contact Cultures

Societies or communities that prefer close physical proximity and touch as part of social interactions.

Personal Space

The physical area surrounding an individual that they regard as psychologically theirs, comfort levels with proximity vary across cultures and individuals.