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:
Malicious Following
Intentionally following or monitoring someone in a harmful or malevolent manner, typically online.
Stalking
A pattern of unwanted, harassing, or threatening behavior towards another person, causing fear or distress.
Harassing
Engaging in aggressive pressure or intimidation, often persistently targeting a specific individual or group.
Cycle Of Violence
A pattern of behavior in abusive relationships characterized by a series of abusive incidents, each followed by reconciliation and calm before the violence repeats.
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