Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract. (Do not round intermediacalculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entrequired" in the first account field.)View transaction list6.Record the premium or discount expense.127Record the entry for changes in the exchange rate.8Record entry to adjust the carrying value of the forwardcontract to its current fair value.9.Record the change in the fair value of the forwardcontract.Credit10 Record the premium or discount expense.11Record the receipt of FCUS.12 Record settlement of forward contract.Note :journal entry has been entered%3D On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for 180,000 FCUS withpayment to be received on April 30, 2018. At the date of sale, Bernard entered into a six-month forward contract to sell 180,000FCUS. The company properly designates the forward contract as a cash flow hedge of a foreign currency receivable. Thefollowing exchange rates apply:Forward RateSpot Rate$0.29Date(to April 30, 2018)$ 0.28November 1, 2017December 31, 2017April 30, 20180.270.250.26N/ABernard's incremental borrowing rate is 12 percent. The present value factor for four months at an annual interest rate of 12percent (1 percent per month) is 0.9610.a. Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract.b. What is the impact on net income in 2017?C. What is the impact on net income in 2018?Complete this question by entering your answers in the tabs below.Req AReq B and CPrepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract. (Do not round intermediat

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Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract. (Do not round intermedia calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal ent required" in the first account field.) View transaction list Record the premium or discount expense. 12 <> 7 Record the entry for changes in the exchange rate. Record entry to adjust the carrying value of the forward contract to its current fair value. 8 Record the change in the fair value of the forward contract. Credit 10 Record the premium or discount expense. 11 Record the receipt of FCUS. 12 Record settlement of forward contract.

Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract. (Do not round intermedia calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal ent required" in the first account field.) View transaction list Record the premium or discount expense. 12 <> 7 Record the entry for changes in the exchange rate. Record entry to adjust the carrying value of the forward contract to its current fair value. 8 Record the change in the fair value of the forward contract. Credit 10 Record the premium or discount expense. 11 Record the receipt of FCUS. 12 Record settlement of forward contract.

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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