Chapter 1 Problem 14-19
2008
Sept. 1 Equipment 2,250,000
Accounts payable 2,250,000
Dec. 31 Loss on foreign exchange 50,000
Accounts payable 50,000
Peso equivalent – 12/31/2008 2,050,000
Peso equivalent – 09/01/2008 2,000,000
Loss on foreign exchange 50,000
31 Forward contract receivable 50,000
Gain on forward contract 50,000
2009
March 1 Loss on foreign exchange 100,000
Accounts payable 100,000
Peso equivalent – 3/1/2009 2,150,000
Peso equivalent – 12/31/2008 2,050,000
Loss on foreign exchange 100,000
1 Forward contract receivable 100,000
Gain on forward contract 100,000
1 Cash 150,000
Forward contract receivable 150,000
1 Accounts payable (50,000 x 43) 2,150,000
Cash 2,150,000
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