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On October 1, yr 1, Ace Company forecasts the purchase of inventory from a British supplier… – RoyalCustomEssays

On October 1, yr 1, Ace Company forecasts the purchase of inventory from a British supplier…

Assignment you are taking the role of a financial adviser three times- to buy a new television
July 10, 2018
ACC 202 QUIZ CH15
July 10, 2018
0

On October 1, yr 1, Ace Company forecasts the purchase of inventory from a British supplier on February 1, yr 2, at a price of 100,000 British pounds. On October 1, yr 1, Ace pays $1,800 three-month call option on 100,000 pounds with a strike price of $2.00 per pound. The option is considered to be a cash flow hedge of a forecasted foreign currency transaction. On December 31, yr 1, the option has a fair value of $1,600. What journal entry should Ace prepare on October 1, yr 1?

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