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On August 1st of the current year, Lenz Company writes a contract agreeing to sell Hindman Company 15,000 British pounds at a specific price of $0.69 per pound with delivery in 60 days. Throughout the 60-day period the forward rate varies as follows:
60 days remaining on the contract $0.6930 days remaining on the contract $0.680 days remaining on the contract $0.675
Question 1: For the first 30 day period, Lenz Company would recognize a
A. $149 lossB. $149 gainC. $150 lossD. $150 gain
Question 2: The spot rate at the end of 60 days is $0.675. Assume an 8% discount rate for both Lenz Company and Hindman Company. For the second thirty day period, Hindman would recognize a
A. $225 lossB. $225 gainC. $76 lossD. $76 gain
Euker's legal counsel has determined that under Euker's property and casualty insurance policy, Euker is entitled to insurance recovery for the fair value of the manufacturing plant in excess of the deductible, and that such recovery is probable.
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