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The following information applies to questions #12a and #12b below zing Corporation (a U.S.-based company)...

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Accounting

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The following information applies to questions #12a and #12b below zing Corporation (a U.S.-based company) sold parts to a customer in Wales on October 1, 2015, for 100,000 with payment due on April 1, 2016. Relevant exchange rates are: Forward Rate Dat Spot Rate (to 04-01-2016 $1.88 1.85 $1.85 1.84 December 31, 2015 Ap1, 2016 1.90 present value factor corresponding to the company's incremental borrowing rate for time period involved is 0.9500 Question #12a: Export sale of goods to oreign buyer with future payment due in foreign currency with no orward ontract Required: Assuming no forward contract was entered into, how much foreign exchange gain or loss should Amazing Corporation report on its December 31, 2015, income statement with regard to this transaction? e show your work Question#121: Sale to foreign customer with purchase of forward contract Required: Assume on October, 2015, Amazing Corporation signed a forward contract to sell 100,000 on April 1 2016. How and at what amount should Amazing Corporation classify/report the forward contract on its December 31 2015 financial statements? Please show your work e show your work

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