Question: I need the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you! Short Link

I need the solution and the answer of this question. I

I need the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you!

Short Link Company (SLC) purchased a machine from Frankfurt Ltd., a German company, on August 31, 2020 for 650,000. This machine is expected to have a useful life of 10 years with no residual value. Payment is due on October 15, 2020. On August 31, 2020, to hedge the purchase, SCL entered into a forward contract to purchase 650,000 on October 15, 2020. SLC has a September 30 year end. Exchange rates were as followed: Date Spot rate Forward rate for settlement on October 15, 2020 31-Aug-20 1= $1.63 CAD 1= $1.66 CAD 30-Sep-20 1= $1.66 CAD 1= $1.64 CAD 15-Oct-20 1= $1.63 CAD 1= $1.63 CAD Required: What is the FMV of the forward contract on September 30, 2020? Note - enter a positive number, regardless of whether you determine the amount to be an asset or a liability

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