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Business, 09.12.2019 19:31 amcdaniel1

On november 1, 2017, american company sold inventory to a foreign customer. the account will be settled on march 1 with the receipt of $450,000 foreign currency units (fcu). on november 1, american also entered into a forward contract to hedge the exposed asset. the forward rate is $0.70 per unit of foreign currency. american has a december 31 fiscal year-end. spot rates on relevant dates were: what will be the adjusted balance in the accounts receivable account on december 31, and how much gain or loss was recorded as a result of the adjustment?

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