On November 2, 2001, Platt Co. entered into a 90-day futures contract to purchase 50,000 Swiss francs when the contract quote was $.70. The purchase was for speculation in price movement. The following exchange rates existed during the contract period: 30-day futures Spot rate November 2, 2001 $.62 $.63 December 31, 2001 .65 .64 January 30, 2002 .65 .68 What amount should Platt report as foreign currency exchange loss in its income statement for the year ended December 31, 2001? |