Need Accounting help with rex corporation

DO YOU KNOW WHY YOUR FRIENDS ARE POSTING BETTER GRADES THAN YOU? — THEY ARE PROBABLY USING OUR WRITING SERVICES. Place your order and get a quality paper today. Take advantage of our current 15% discount by using the coupon code WELCOME15.


Order a Similar Paper Order a Different Paper

Rex
Corporation, a U.S. firm with a calendar accounting year, agreed to buy a
specially made truck from a Japanese firm for delivery on February 28, 2017
with payment due on that date. On the same date the agreement was signed,
November 1, 2016, a forward contract due on February 28, 2017, was also signed
to purchase 1,000,000 yen, the contract price of the truck. Exchange rates were
as follows:

Date

Spot Rate

Forward Rate

11/1/16

$0.0076

$0.0078

12/31/16

$0.0081

$0.0080

2/28/17

$0.0085

$0.0085

Discount
rate = 8%

Required:

Prepare the journal entries needed to properly
reflect the purchase and forward contract through the end of the fiscal year.

Do you require writing assistance from our best tutors to complete this or any other assignment? Please go ahead and place your order with us and enjoy amazing discounts.


Order a Similar Paper Order a Different Paper