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 a firm commitment agreement made on December 1,2008,to purchase electronic goods on January 30,with payment due on March 31,2008.The derivative is designated as a fair value hedge.The direct exchange rates follow:
Required:
Prepare all journal entries for Denizen Corporation.
Definitions:
Covalent Bonds
Chemical bonds formed by the sharing of electron pairs between atoms, creating a stable balance of attractive and repulsive forces.
Negative Charge
A characteristic of a particle or object indicating it has more electrons than protons.
Protons
Positive-charged particles present in the core of an atom, known as subatomic particles.
Electrons
Subatomic particles with negative charge, found in all atoms and acting as the primary carrier of electricity in solids.
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