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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
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