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3. Determine the appropriate journal entries to account for the two hedging relationships for the year ended December 31, 2009. Use the details below to aid in entry determination, and assume that both hedging relationships are perfectly effective.

Date

3M-USD-LIBOR
Swap 1
Fair Value*
Swap 2
Fair Value*
March 31, 2009 1.00% (reset 12/31) $250,000 n/a
June 30, 2009 1.10% (reset 03/31) $750,000 n/a
September 30, 2009 1.25% (reset 06/30) $1,200,000 $900,000
December 31, 2009 1.18% (reset 09/30) $1,100,000 $775,000
* Note that the fair values are after the quarterly settlements are made.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91045576

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