Forward Corporation for Cars Corp
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Car Corp sold parts to Korean customer on Dec 16, 2008 with payments of 10 million Korean won to be received on January 15, 2009.
Date Spot rate Forward rate to Jan 15
Dec 16 08 .00090 .00098
Dec 31 08 .00092 .00093
Jan 15 09 .00095 .00095
Assuming a forward contract was not entered into, what would be the net impact on Car Corp 2008 income statement.
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Solution Summary
Provides steps necessary to determine the net impact on an income statement.
Solution Preview
On Dec 31, Car Corp adjusted its A/R based on the spot rate on Dec 31.
A/R ...
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