Solved: In its income statement for the year ended december 31 2008, Accounting Basics

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In its income statement for the year ended december 31 2008

Question - Levin Company entered into a forward contract to speculate in the foreign currency. It sold 100,000 foreign currency units under a contract dated November 1, 2008, for delivery on January 31, 2009:

	11/1/2008	12/31/2008
Spot rates	$0.035	$0.037
30-day forward rate	$0.034	$0.036
90-day forward rate	$0.033	$0.035

In its income statement for the year ended December 31, 2008, what amount of loss should Levin report from this forward contract?

A. $0

B. $300

C. $200

D. $100

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Accounting Basics: In its income statement for the year ended december 31 2008

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