On December 1,2008,Secure Company bought a 90-day forward contract to purchase 200,000 euros (€)at a forward rate of €1 = $1.35 when the spot rate was $1.33.Other exchange rates were as follows:
Required
1)Prepare all journal entries related to Secure Company's foreign currency speculation from December 1,2008,through March 1,2009,assuming the fiscal year ends on December 31,2008.
2)Did the company gain or lose on its purchase of the forward contract?
Definitions:
Population Mean
The average value of a characteristic or measurement across the entire population targeted in a study.
Population Standard Deviation
A measure of the dispersion or spread of a set of data points in a population, quantifying how much the data diverges from the mean of the population.
Sample Size
The number of observations or replicates used in a statistical sample.
Confidence Estimate
A range or interval within which an unknown population parameter is expected to lie, calculated to a specific confidence level.
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