Part 1: Helvetia Corp Required:
Provide the Journal Entries for Helvetia (The Buyer)at Each

Essay

Part 1: Helvetia Corp., a Swiss firm, bought merchandise from Bouchard Company of Quebec on December 15, 20X7, for 20,000 CHF, payable on January 14, 20X8. Bouchard and Helvetia both close their books on December 31. The 20,000 CHF was paid on January 14, 20X8. The exchange rates for CHF1 were:
$\begin{array}{ll}\text { December } 15,20 \times 7 \text { spot } & C \$ .9740 \\\text { December } 15,20 \times 730 \text {-day forward } & C \$ .9800 \\\text { December } 31,20 \times 7 & C \$ .9700 \\\text { December } 31,20 \times 7 \text { 14-day forward } & C \$ .9730 \\\text { January } 14,20 \times 8 & C \$ .9720\end{array}$
Required:
Provide the journal entries for Helvetia (the buyer)at each of the above dates, as required.
Part 2: Helvetia also had the following balances on its SFP at December 31, 30X7:
• Inventory purchased from a Canadian company for $50,000 on December 15, 20X7, for cash
• 1,000 shares of B C Inc., purchased on December 15, 20X7, for $40 per share. On December 31, 20X7, the B. C. Inc. shares were trading at $42 per share. These shares are classified at FVTPL.
• Helvetia purchased an investment property in Canada on December 15, 20X7, for $5.5 million. On December 31, 20X7, this property was valued at $5.6 million. Helvetia uses the fair-value method to report its investment properties.
For each of the above assets, explain the value that would be recognized on its SFP as at its year-end of December 31, 20X7, and any related amounts reported on the SCI.