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Question - Oz Ltd (Australian company) sells a machine to an American company for US$ 100 000 on 30 April 2019 and will be paid 3 months later on 31 July 2019. The cost of the machine was AUD 30 000. To hedge the foreign exchange risk Oz Ltd enters a forward exchange contract on 30 April 2019 to lock in the price it will receive to sell US$ 100 000 on 31 July 2019. Oz Ltd has a 30 June year end.
The spot exchange rate at 30 April 2019 was 1.2 AUD per 1 US$, while at 30 June 2019 it was 1.3 AUD per 1 US$ and 31 July 2019 1.4 AUD per 1 US$.
The forward contract rate on 30 April 2019 to sell American dollars in 3 months' time was 1.25 AUD per 1 US$, while the comparative market forward rate at 30 June 2019 was 1.1 AUD per 1 US$ and at 31 July 1.4 AUD per 1 US$.
Required - Provide the journal entries at 30 April 2019, 30 June 2019 and 31 July 2019 to record this transaction (narrations are required).
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