reign currency chapter 9 Help Save & Exit S 6 Check myw On October 1, 2017, Sharp Company (based in Denver, Colorado) entered into a forward contract to sell 100,000 rubles in four months (on January 31, 2018) and receive $39,000 in U.S. dollars. Exchange rates for the ruble follow Date Oct Spot Rate s e.35 1, 2017 s 8.39 0.41 N/A 31, 2017 January 31, 2018 rate is 12 percent. The present value factor for one month at an annual interest rate of 12 percent (1 percent per month) is 0.9901. Sharp must close its books and prepare financial statements on December 31 ences a. Prepare journal entries, assuming that Sharp entered into the forward contract as a fair value hedge of a 100,000 ruble recelvable b. Prepare journal entries, assuming that Sharp entered in arising from a sale made on October 1, 2017 Include entries for both the sale and the forward contract. to the forward contract as a fair value hedge of a firm commitment related to a 100,000 ruble sale that will be made on January 31, 2018. Include entries for both the firm commitment and the forward contract The fair value of the firm commitment is measured by referring to changes in the forward rate. Complete this question by entering your answers in the tabs below. Prepare journal entries, assuming that Sharp entered into the forward contract as a fair value hedge of a firm commitment related to a 100,000 ruble sale that will be made on January 31, 2018. Include entries for both the firm commitment and the forward contract. The fair value of the firm commitment is measured by referring to changes in the forward rate. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Round your final answers to 2 decimal places.) Prev 6 of 7 Next> reign currency chapter 9 Help Save & Exit S 6 Check myw On October 1, 2017, Sharp Company (based in Denver, Colorado) entered into a forward contract to sell 100,000 rubles in four months (on January 31, 2018) and receive $39,000 in U.S. dollars. Exchange rates for the ruble follow Date Oct Spot Rate s e.35 1, 2017 s 8.39 0.41 N/A 31, 2017 January 31, 2018 rate is 12 percent. The present value factor for one month at an annual interest rate of 12 percent (1 percent per month) is 0.9901. Sharp must close its books and prepare financial statements on December 31 ences a. Prepare journal entries, assuming that Sharp entered into the forward contract as a fair value hedge of a 100,000 ruble recelvable b. Prepare journal entries, assuming that Sharp entered in arising from a sale made on October 1, 2017 Include entries for both the sale and the forward contract. to the forward contract as a fair value hedge of a firm commitment related to a 100,000 ruble sale that will be made on January 31, 2018. Include entries for both the firm commitment and the forward contract The fair value of the firm commitment is measured by referring to changes in the forward rate. Complete this question by entering your answers in the tabs below. Prepare journal entries, assuming that Sharp entered into the forward contract as a fair value hedge of a firm commitment related to a 100,000 ruble sale that will be made on January 31, 2018. Include entries for both the firm commitment and the forward contract. The fair value of the firm commitment is measured by referring to changes in the forward rate. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Round your final answers to 2 decimal places.) Prev 6 of 7 Next>