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help please On November 10, 2009, King Co. sold inventory to a customer in a foreign country. King agreed to accept local currency unit (LCU)

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On November 10, 2009, King Co. sold inventory to a customer in a foreign country. King agreed to accept local currency unit (LCU) in full payment for this inventory. Payment was to be made on Feb 1, 2010. On December 1, 2009, King entered into a forward contract wherein the total payment to be received would be delivered to a currency broker in two months. Additional information is as follows Totul payment in local currency units (LCU) for the inventory: 120.000 Date Nov. 10, 2009 Dec 1, 2009 Exchange Rate LCI 30.28 $0.30 Rate Description Spol Rate Spot Rate 2.Month Forward Rate Spot Rate 1. Month Forward Rate Spot Rate 10232 1034 Dec 31, 2009 $0.36 Feb 1, 2010 10.30 0.9901 The present value factor for one month based on the company's borrowing rate is Assume this hedge is designated as a cash flow hedge. what items relating to this transaction should the company report on its 2009 and 2010 financial statementare The reported reclassification adjustment for forward contract on its 2010 statement of comprehensive income should be $1,152 $1,238 ($1,238) ($1,152) On November 10, 2009, King Co. sold inventory to a customer in a foreign country. King agreed to accept local currency unit (LCU) in full payment for this inventory. Payment was to be made on Feb 1, 2010. On December 1, 2009, King entered into a forward contract wherein the total payment to be received would be delivered to a currency broker in two months. Additional information is as follows Totul payment in local currency units (LCU) for the inventory: 120.000 Date Nov. 10, 2009 Dec 1, 2009 Exchange Rate LCI 30.28 $0.30 Rate Description Spol Rate Spot Rate 2.Month Forward Rate Spot Rate 1. Month Forward Rate Spot Rate 10232 1034 Dec 31, 2009 $0.36 Feb 1, 2010 10.30 0.9901 The present value factor for one month based on the company's borrowing rate is Assume this hedge is designated as a cash flow hedge. what items relating to this transaction should the company report on its 2009 and 2010 financial statementare The reported reclassification adjustment for forward contract on its 2010 statement of comprehensive income should be $1,152 $1,238 ($1,238) ($1,152)

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