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Due Monday November 27 at the start of class. Hand in a typed document with th Commitment to sell equipment Dom Company, on October 6,

image text in transcribed Due Monday November 27 at the start of class. Hand in a typed document with th Commitment to sell equipment Dom Company, on October 6, 2022, contracts to sell equipment (sales) for $ US 640,000 to For Company The equipment will be delivered Jan. 30,2023 , and payment is due Feb. 15, 2023. The year-end is December 31. Dom Co. hedges the commitment right away and designates this as a cash flow hedge. Dom Co. will account for the hedge using the gross method. The settlement date is Feb. 15. Required: Required: Prepare all journal entries related to the hedge and the underlying purchase or sale. Use the gross method (record the hedge using a JE; not a memorandum entry) Prepare journal entries in standard form. Hand in a typed document at the start of class on Nov. 27. Late charge is 20% per day Standard form is

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