Business, 18.03.2021 23:20 LoserMcBadface

3) On December 16, 2019, AmeriCo, a U. S. company with fiscal year-end on December 31, purchased inventory from a company in London for 30,000 British pound sterling with payment due on February 14, 2020. The following foreign exchange rate are available: Spot Rate Forward Rate for 2/14/2020 Delivery 12/16/2019 $1.61 $1.59 12/31/2019 $1.65 $1.62 02/14/2020 $1.63 $1.62 a) On March 1, 2020 AmeriCo sold all the inventory bough from the London supplier for U. S.. $70,000. Assume that to manage foreign currency exposure on December 16, 2019, AmeriCo entered into a 60-day forward contract to purchase 30,000 euros on February 14, 2020. AmeriCo did not designate the forward contract as either a fair value hedge or a cash flow hedge. Based on the generally accepted accounting principles (GAAP) in the U. S. how much is the overall foreign currency transaction gain or loss to be reported for 2019 and 2020, combined

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3) On December 16, 2019, AmeriCo, a U. S. company with fiscal year-end on December 31, purchased inv...