AICPA每日一练之BEC【2016-1-19】

高顿网校2016-01-19 11:34Lynn.yu
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Solway International is owed ?10,000 from its U.K. customer. The current exchange rate is $1.30 to the U.K. pound (?1.00). Solway has purchased a put option to sell ?10,000 in 60 days time for $1.25, and Solway has paid a premium of $0.005. If 60 days from now the exchange rate is $1.20, what will be the overall result for Solway International?

a.Solway will exercise the option and it will benefit Solway by $450.

b.Solway will exercise the option and it will benefit Solway by $500.

c.Solway will exercise the option and it will benefit Solway by $550.

d.Solway will allow the option to expire unexercised.

Answer:A

Choice "A" is correct. The option price is $1.25 less the premium of $.005 so the net proceeds are computed at $1.245. Solway will sell the ?10,000 at $1.250 and receive $12,450, net of the premium, instead of receiving $12,000 at the spot rate of $1.20, a benefit of $450. Note that the premium is not included in determining whether or not to exercise the option because the premium is a sunk cost.Choices "d", "b", and "c" are incorrect, per the above explanation.

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