Levin Company Entered into a Forward Contract to Speculate in the Foreign

question 10

Multiple Choice

Levin company entered into a forward contract to speculate in the foreign currency.It sold 100,000 foreign currency units under a contract dated November 1,2008,for delivery on January 31,2009: In its income statement for the year ended December 31,2008,what amount of loss should Levin report from this forward contract?

• A)$0
• B)$300
• C)$200
• D)$100

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