9) At what time can you NOT purchase a hedge? A. At the purchase order date. B. At the exchange date. C. In between the purchase order date and the exchange date. D. After the contract is completed. 11) On December 10, 2018, New York based Empire Corporation purchased goods from 11). a Spanish firm for 100,000 euros, to be paid on January 10, 2019. The transaction is denominated in euros. Empire's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: December 10, 2018 December 31, 2018 January 10, 2019 | 1 euro = $1.03 | 1 euro = $1.02 1 euro = $1.05 Based on the preceding information, what journal entry would Empire make on December 31, 2019 to revalue foreign currency payable to equivalent U.S. dollar value. 1,000 1,000 1,000 1,000 A. Accounts Payable ! Foreign Currency Transaction Gain B. Foreign Currency Transaction Loss Accounts Payable Transaction Loss C. Accounts Payable Foreign Currency Transaction Gain D. Foreign Currency Transaction Loss Accounts Payable Transaction Loss 3,000 3,000 3,000 3,000