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What the foreign exchange gain or loss on june is

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On June 10, 20x6, MALAKAS Co. enters into a couple of forward contracts each for US$10,000, deliverable 60 days. Relevant rates of exchange follow:

Spot rate:

June 10, 20x6 P26.40/US$
June30, 20x6 P29.40/US$

Forward rate:

August 9, 20x6 P27.90/US$

  • Forward contract #1 will hedge on inventory purchases of May, 20x6 which are payable four months later. Forward contract #2 is entered into because of the perceptible increase in the peso-dollar rate as a consequence of the coming Atlanta Olympic games.

Problem 1: On forward contract #2, the foreign exchange gain or loss on June 30, 20x6 is?

Reference no: EM132737849

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