On November 1, 2011, American Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of $450,000…

On November 1, 2011, 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:Per unit of foreign currency.73.71.74What 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?Gain/Loss Recorded $9,000 gain $9,000 loss $4,500 gain $18,000 gain

On November 1, 2011, American Company sold inventory to a foreign customer. The account will be settled on March 1 with thereceipt of $450,000 foreign currency units (FCU). On November 1, American…

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