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:
Locus of Control
A psychological concept referring to the extent to which individuals believe they have control over the events affecting them.
Self-Esteem
An individual's perception of their own worth or value.
Incapable
Lacking the ability, strength, or competence to do something effectively or as required.
Sufficient
Enough to meet the needs of a situation or a proposed end.
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