Time left 2:56:38 CSNY Inc. purchased equipment for US$100,000 on Decor your 5. Our year end is December 31, and the payable is due on January 31, Year 6. On December 1, Year 5, we entered into a forward exchange contract with the bank to provide us with the US dollars on January 31, Year 6. Question 4 (16 marks) The following rates were in effect: Forward Rates: December 1, Year 5; 60 day forward rate December 31, Year 5; 30 day forward rate US $1 = CDN $1.152 US $1=CDN $1.162 Spot rates: December 1, Year 5 December 31, Year 5 January 31, Year 6 Required: US $1=CDN $1.130 US $1=CDN $1.16 US $1=CDN $1.210 Prepare all the journal entries arising from this transaction, from original sale to final settlement. CSNY prepares a journal entry to recognize the hedge at inception. Use proper account titles throughout. board My courses My Media December 1, Year 5 December 31, Year 5 January 31, Year 6 Required: US $1 = CDN $1.130 US $1=C US $1=CDN $1.16 Time left 2:56:36 Prepare all the journal entries arising from this transaction, from original sale to final settlement. CSNY prepares a journal entry to recognize the hedge at inception. Use proper account titles throughout. A B I U X2 Fr T: I 5 C E < # x Quiz Inst