Question
On December 1, 20x1, Golf Co. enters into a futures contract to sell 100,000 foreign currency units on January 31, 20x2 for 300 per unit.
On December 1, 20x1, Golf Co. enters into a futures contract to sell 100,000 foreign currency units on January 31, 20x2 for 300 per unit. The broker requires an initial margin deposit of 40,000. The current rates are as follows:
Dec. 1, 20x1 Dec. 31, 20x1 Jan. 31, 20x2 300 298 297 Provide Journal entries.
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Auditing And Other Assurance Services
Authors: Alvin Arens, James Loebbecke, W Lemon, Ingrid Splettstoesser
9th Canadian Edition
0130091243, 978-0130091246
