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On 11/1/06, Impox Entered into a 90-Day FX Forward to Hedge

Question 65

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On 11/1/06, Impox entered into a 90-day FX forward to hedge 1,000,000 pounds owed to a British vendor. Direct exchange rates for the pound are as follows:
On 11/1/06, Impox entered into a 90-day FX forward to hedge 1,000,000 pounds owed to a British vendor. Direct exchange rates for the pound are as follows: Required: a. Prepare all journal entries relating to the FX forward over the contract's life. b. Prepare the journal entry to record the payment to the British customer. Required:
a. Prepare all journal entries relating to the FX forward over the contract's life.
b. Prepare the journal entry to record the payment to the British customer.

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