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On June 1, 2015, ACE Manufacturing Corp. received raw materials from a foreign vendor when the spot rate is P40. Payment of 100,000 foreign currency is due in 90 days. On the same date, the company acquired a forward contract to buy 120,000 foreign currency in 90 days. The following forward rates per foreign currency were available:
June 1, 90-day rate 40.30
June 30, 60-day rate 40.40
July 31, 30-day rate 40.10
Problem 1: What is the exchange gain (loss) on speculative contract in June 2015?
A. 0
B. 2,000
C. 10,000
D. 12,000
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