On January 1, 2023, Crane Inc. entered into a futures contract to purchase U.S. $5,890 for CAD $6,270 in 30 days on the Futures Exchange. On January 15, the fair value of the contract was $38 (reflecting the present value of the future cash flows under the contract). Crane Inc. was required to deposit $21 with the stockbroker as a margin. Prepare the journal entries to update the books on January 1 and 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date List of Accounts Debit Credit

On January 1, 2023, Crane Inc. entered into a futures contract to purchase U.S. $5,890 for CAD $6,270 in 30 days on the Futures Exchange. On January 15, the fair value of the contract was $38 (reflecting the present value of the future cash flows under the contract). Crane Inc. was required to deposit $21 with the stockbroker as a margin. Prepare the journal entries to update the books on January 1 and 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date List of Accounts Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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