The following is selected balance sheet information for Taylor Company, which has operations located primarily in Canada.

Question:

The following is selected balance sheet information for Taylor Company, which has operations located primarily in Canada. Amounts are in Canadian dollars unless otherwise indicated.


Required:

Taking into account the above information, first identify whether Taylor Company could potentially identify the following items as hedging instruments for accounting purposes. If it is a potential hedging instrument, identify the item being hedged. If not, explain why not.

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