Essay
On 11/16/06, Expox entered into a 60-day FX forward to hedge 1,000,000 pounds owed from a British customer. Direct exchange rates for the pound are as follows:
xpox received payment from the British customer on 1/15/07 via a bank wire transfer.
Required:
a. Prepare all journal entries relating to the FX forward over the contract's life.
b. Prepare the journal entry to record the collection of the receivable from the British customer.
Correct Answer:
Verified
Correct Answer:
Verified
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