select the best answer for each of the following 1 a forward contract is a hedge of an identifiable foreign currency commitment if

2. The Carnival Company has a receivable from a foreign customer that is payable in the local currency of the foreign customer. The account receivable for 800,000 local currency units
(LCU) has been translated into $280,000 on Carnival’s December 31, 2008, balance sheet.
On January 15, 2009, the receivable was collected in full when the exchange rate was 4 LCU to $1. What journal entry should Carnival make to record the collection of this receivable?