Question
On January 1, 2020, Crane Inc. entered into a future contract to purchase U.S. $5320 for $5690 Canadian in 30 days on the future exchange.
On January 1, 2020, Crane Inc. entered into a future contract to purchase U.S. $5320 for $5690 Canadian in 30 days on the future exchange. On January 15, the fair value of the contract was $41 ( reflecting the present value of the future under the contract). Crane inc. was required to deposit $23 with the stockholder as a margin.
prepare journal entries to update the books on January 1st and 15th.
Date. A/c titles. Dr. Cr.
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Payroll Accounting 2017
Authors: Bernard J. Bieg, Judith Toland
27th edition
1305675126, 1305675124, 9781305888586, 1305888588, 978-1337734776
