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Please help answer the following with workings The New Zealand dollar is the functional currency of a New Zealand importer. The importer wants to limit

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Please help answer the following with workings

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The New Zealand dollar is the functional currency of a New Zealand importer. The importer wants to limit the effect of currency fluctuations in the next year, by hedging forecasted USD- denominated purchases. It expects to purchase US$800,000 of goods on 31 January 2020, and it expects to pay its creditor on 30 April 2020. Therefore, on 31 January 2019 it enters into a fifteen month forward contract with the bank to buy US$800,000 and pay the bank an agreed amount of NZ dollars on 30 April 2020 (at a forward rate of NZ$1 = US$0.50). You can assume that the goods of US$800,000 were purchased on 31 January 2020 according to the plan. Also assume that this is an effective cash flow hedge and the change in fair value of the fonlva rd contract before the forecast purchase is 100% effective, under N2 IFRS 9. Relevant exchange rates (i.e., spot rates and forward rates for 30 April 2020 delivery of cash) for transaction dates and balance dates (31 March) are provided in the table below. The table shows the number of US$ for delivery of N251 (i.e., NZ$1 = USS). You will need to discount the fair value of the forward contract. Assuming an interest rate of 6% per annum over the time period, discount factors are also given in the table below. Time to Discount factor 31-Jan-2019 c.9279 31-Mar-2019 c.9372 31-Jan-2020 0.9851 31-Mar-2020 0.9950 30-A-r-2ozo - 1.0000 REQUIRED: In accordance with NZ IFRS 9, disclose the forward contract and the purchase, including related gains, losses and the effect on retained earnings, by completing the relevant parts of the Balance Sheet as at 31 March 2020, and the relevant parts of the Statement of Comprehensive Income for the year ended 31 March 2020. \fStatement of Comprehensive Income extract for the year ended 31 March 2020 Income and expense (P&L)

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