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Question 1 PART A: On October 1, 2013, Canadex Inc., a Canadian company, issued a purchase order to Ameriprod in the United States for the purchase of 40,000 gadgets at a cost of US$2.50 per gadget, payable 90 days after arrival of the gadgets. Title was to change hands on receipt of the gadgets. The gadgets arrived on October 31. On November 30, Canadex entered into a forward purchase contract with its bank to purchase US$100,000 for delivery on January 31, 2014. The forward contract price was fixed at $1.30 per US$1 and was designated as a fair value hedge of the payable to Ameriprod. On November 30, the entire inventory of gadgets was sold to a French company at a selling price of 3.00 per gadget and the gadgets were shipped on that date at the purchaser's risk. Payment was due on December 31 and was received on that date. Relevant (spot) exchange rates were as follows: October 1, 2013 October 31, 2013 November 30, 2013 December 31, 2013 January 31, 2014 US$1.00 = Can$1.33 US$1.00 = Can$1.35 US$1.00 = Can$1.33 US$1.00 = Can$1.31 US$1.00 = Can$1.28 1.00 = Can$1.88 1.00 = Can$1.89 1.00 = Can$1.90 1.00 = Can$1.93 1.00 = Can$1.92 On December 31, 2013, the forward rate to January 31, 2014, was US$1.00 = Can$1.29, Required: What amounts would appear in each of the following accounts in the financial statements of Canadex for its year ended December 31, 2013 with respect to these transactions? i) ii) iii) iv) v) Sales Cost of sales Accounts payable Exchange gains or losses (through net income) (state clearly whether it is a gain or a loss) Forward contract (state clearly whether it is a debit or credit balance). ***** PART B: On October 1, 2013, Swallow Inc. was incorporated in Canada. On March 1, 2014, the company placed an order with Supplier AG, a German company, to purchase 30,000 gourmets at a cost of 3.50 per gourmet with delivery due on May 1 and payment due on August 1. The goods were to be shipped at the risk of the supplier. On April 1, the company made a forward purchase of 105,000 for delivery on August 1 at a contract rate of Can$1.56 per Euro. The shipment of gourmets arrived on time on May 1. This contract was designated as a cash flow hedge of the purchase of gourmets from the German supplier. On August 1, the company settled the forward purchase with the bank and paid the supplier. Exchange rates during 2014 were as follows: March 1 April 1 May 1 June 1 June 30 July 15 August 1 Spot 1.00 = Can$1.42 1.00 = Can$1.41 1.00 = Can$1.43 1.00 = Can$1.43 1.00 = Can$1.44 1.00 = Can$1.45 1.00 = Can$1.47 Forward to Aug 1 1.00 = Can$1.55 1.00 = Can$1.56 1.00 = Can$1.53 1.00 = Can$1.52 1.00 = Can$1.51 1.00 = Can$1.49 1.00 = Can$1.47 Required: Prepare dated journal entries for Swallow Inc. to record the transactions set out above