On November 1, 2020 Zamfir Company, a U. S. corporation, purchased minerals from a Russian company for 3,000,000 rubles, payable in 3 months. Zamfir uses the periodic inventory method. The relevant exchange rates between the U. S. and Russian currencies are given: Spot rate Forward rate (at February 1, 2021) November 1, 2020 $0.348 $0.350 December 31, 2020 0.359 $0.352 February 1, 2022 0.344 The company's incremental borrowing rate provides a discount rate of 0.995 for one month. Zamfir designates the forward contract as a cash flow hedge of the foreign currency payable, and assesses hedge effectiveness based on changes in forward rates. Spell out account names (accounts payable). Use commas for numbers, but no $ (3,000,000) A. The journal entry to record the purchase of minerals on November 1, 2020 would be:
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