Larson, Inc sold merchandise for 600,000 FC to a foreign vendor on November 30, 2020 . Payment in foreign currency is due January 31, 2021
On the same day, Larson signed an agreement with a foreign exchange broker to sell 600,000 FC on January 31, 2021 . Exchange rates to purchase 1 FC are as follows: Nov. 30, 2020 Dec. 31, 2020 Jan. 31, 2021 Spot $1.49 $1.46 $1.43 30 day $1.48 $1.43 $1.44 60 day $1.47 $1.40 $1.42 What will be the recorded amount of the Forward Contract on November 30, 2020? a. $894,000
b. $888,000
c. $882,000
d. $0
d
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In a tax year in which the taxpayer pays qualified education expenses, interest income on the redemption of qualified U.S. Series EE Bonds may be excluded from gross income. The exclusion is subject to a modified gross income limitation and a limit of aggregate bond proceeds in excess of qualified higher education expenses. Which of the following is (are) true?
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