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Return to ques Hamilton Importing Corp. (HIC) imports goods from countries around the world for sale in Canada On December 1 Year 3, HIC purchased 11,300 watches from a foreign wholesaler for DM613,000 when the spot rate was DM1 = $0.754. The invoice called for payment to be made on April 1, Year 4. On December 3, Year 3. HIC entered into a forward contract with the Royal Bank at the 120-day forward rate of DM1 = 50.794 Hedge accounting is not applied The fiscal year end of HIC is December 31. On this date, the spot rate was DMI - 50.770 and the 90-day forward rate was DMI $0.799. The payment to the foreign supplier was made on April 1. Year 4, when the spot rate was DM1 $0.816. Required: (a) Prepare the journal entries required in Year 3 and Year 4, assuming that hedge accounting is not applied. (In cases where no entry is required, pleose select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank.be certain to enter "O" wherever required.) Date December 1 Year Debit 462202 Credit General Tournal Inventory Accounts payable Record the purchase of Inventory. 462202 December 3, Year 3 e No journal entry required to Journal entey required Record the forand contract. (d) Prepare the journal entries required in Year 3 and Year 4, assuming that the forward contract is designated as a fair value hedge and is segregated between the spot element and forward element. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required.) Date December 1, Years Debit 462202 Credit General Journal Inventory Accounts payable Record the purchase of Inventory. 462202 December 3, Year No journal entry required No Journal entry required Record the forward contract. December 31, Year 3 9800 Exchange loss o Accounts payable Ravalue accounts payable at fair value. 9806 Fonard contract 3055 OC - exchange loss RECUTUL FU WA CUFalt. Return te December 31, Year 3 9808 Exchange loss o Accounts payable Revalue accounts payable at fair value. 9898 Forward contract 3065 OCI - exchange loss o Exchange gain Revalue forward contract at fair value. Hedge expense OCI - Exchange loss o Record amortization loss fron premium on forward contract over 4 months. April 1, Year 4 28198 Exchange loss Accounts payable Revalue accounts payable at fair value. 28198 Forward contract 10421 OCI - exchange loss Exchante esinl Return to question April 1, Year 4 OCT Exchange loss Record amortization loss from premium on forward contract over 4 nonths. Exchange loss o 28198 Accounts payable 28198 Revalue accounts payable at fair value. Forward contract 10421 OCT - exchange loss Exchange gain Revalue forward contract at fair value. Hedge expense 104210 OCI - Exchange loss 10421 Record amortization loss from pretium on forward contract over 4 months. 500208 Cask (DK) Forward contract 13436 486722 Cash Record the receipt of cath from bank
