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Prepare journal entries for the purchase

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Problem: Chance, Inc purchased equipment from Barbie, Inc, an Australian company, for $385,400 AUD on June 15, 20x2, with payment due on August 15, 20x2. Chance, Inc has a June 30 fiscal year end. Chance purchased a 60-day forward contract to purchase $AUD at a forward rate of AUD 1=$0.69. On June 30, 20x2, the forward rate for an exchange on August 15, 20x2 is AUD 1=$0.693. The spot rates are June 15, 20x2, AUD 1=$0.67971, June 30, 20x2, AUD 1=$0.677, July 31, 20x2 AUD 1=$0.682, August 15, 20x2 AUD 1=$0.71077.

Forward contract is not designated as a hedge but will function as a hedge.

Required.

Question 1: Prepare journal entries for the purchase, intervening balance sheet dates, and payment of obligation. Can you deliver the detailed solution of this problem.

Reference no: EM132418917

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