Reference no: EM132973499
On November 1, 20x9, ReSA Dairy Corp. concluded that the Thailand baht would weaken during the next ix months because of the coup that transpires recently. In hopes of reporting a gain, ReSA entered into a foreign exchange forward for speculation on November 1, 20x9, to sell 1,000,000 baht on April 30, 20y0 at the forward rate.
11/1/20x9 12/31/x9 4/30/y0
Spot rate(baht) P1.190 1.180 1.210
Forward rate(baht) 1.199 1.187 1.210
Problem 1. The December 31, 20x9 profit and loss statement, foreign exchange gain or loss on forward contract amounted to:
Problem 2. On April 30, 20y0, foreign exchange gains or loss on forward contract amounted to (ignoring any discount reversal)
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