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Problem 3

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Ellah Mae
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13 views1 page

Problem 3

Uploaded by

Ellah Mae
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
Download as docx, pdf, or txt
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Problem (3)

(1)

a. January 1, 2016

Memo entry

b. December 31, 2016

Derivative asset- FC 1,000,000

FV adjustment G/L-FC (OCI) 1,000,000

c. January 1, 2017

Fish inventory 6,000,000

Cash 6,000,000

Cash 1,000,000

Derivative asset – FC 1,000,000

FV adjustment Gain -FC 1,000,000

Cost of sales 1,000,000

(2)

a. January 1, 2017

Memo entry

b. December 31, 2016

FV adjustment G/L -FC (OCI) 500,000

Derivative liability -FC 500,000

c. January 1, 2017

Fish inventory 4,500,000

Cash 4,500,000

Derivative liability- FC 500,000

Cash 500,000

Cost of sales (P/L) 500,000

FV adjustment Loss -FC (OCI) 500,000

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