Question
8. On March 15, 2020, Concord Corporation entered into a forward contract with the local bank to purchase 86,000 (RMB) for $16,340 Canadian dollars in
8. On March 15, 2020, Concord Corporation entered into a forward contract with the local bank to purchase 86,000 (RMB) for $16,340 Canadian dollars in two months time. On March 31, Concords year-end, the fair value of the forward contract (representing the present value of the contracts future cash flows) was $490. Prepare the journal entries on March 15 and March 31, 2020.
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Horngrens Accounting The Financial Chapters
Authors: Tracie Miller Nobles, Brenda Mattison
13th Edition
0136162185, 9780136162186
