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On December 1,2008,Denizen Corporation Entered into a 120-Day Forward Contract

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Essay

On December 1,2008,Denizen Corporation entered into a 120-day forward contract to purchase 200,000 Canadian dollars (C$).Denizen's fiscal year ends on December 31.The forward contract was to hedge an anticipated purchase of electronic goods on January 30,2009.The purchase took place on January 30,with payment due on March 31,2009.The derivative is designated as a cash flow hedge.The company uses the forward exchange rate to measure hedge effectiveness.The direct exchange rates follow:
Required:
Prepare all journal entries for Denizen Corporation.
On December 1,2008,Denizen Corporation entered into a 120-day forward contract to purchase 200,000 Canadian dollars (C$).Denizen's fiscal year ends on December 31.The forward contract was to hedge an anticipated purchase of electronic goods on January 30,2009.The purchase took place on January 30,with payment due on March 31,2009.The derivative is designated as a cash flow hedge.The company uses the forward exchange rate to measure hedge effectiveness.The direct exchange rates follow: Required: Prepare all journal entries for Denizen Corporation.

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Definitions:

Essentialist Perspective

A viewpoint that attributes fixed, intrinsic, and unchangeable qualities to certain groups or phenomena.

Homemakers

Individuals, typically family members, who manage the household's day-to-day operations, such as cleaning, cooking, and caretaking, without receiving formal wages.

Social Constructionist Perspective

A rephrased definition of the Constructionist Perspective; emphasizes how social phenomena and knowledge are constructed through historical, cultural, and social processes, questioning the notion of inherent meanings.

Macro Perspective

An approach that examines societal systems and structures as a whole rather than focusing on individual participants within those systems.

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