On June 1, 20X4, Chua (Canada)Co

question 45

Multiple Choice

On June 1, 20X4, Chua (Canada) Co. entered into a 90-day forward contract to sell $500,000 Singapore dollars (SGD) to its bank on August 29, 20X4. The following information has been provided:
June 1, 90-day forward rate SGD$1 = $0.7750
July 1, 60-day forward rate SGD$1 = $0.7630
August 29, spot rate SGD$1 = $0.748
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Chua has a June 30 year-end. What is the net exchange gain (loss) on the contract?

• A)$(13,500)
• B)$(6,000)
• C)$6,000
• D)$13,500

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