On December 1,20X8,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 30,20X9.The purchase took place on January 30,with payment due on March 31,20X9.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.
Definitions:
Positive Entry
The introduction of new firms into a market, increasing competition and potentially leading to innovation and lower prices for consumers.
Current Account Entry
An item in the balance of payments that includes all imports and exports of goods and services, along with income received from or paid to foreign countries.
Current Account
A component of a country's balance of payments that encompasses the trade balance, net primary income, and secondary income.
Net Investment Income
The income generated from investments after deducting all related expenses, such as interest payments, fees, and taxes.
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