A U.S. company sells a product to a British company with the transaction listed in British pounds. On the date of the sale, the transaction total of $40,600 is billed as £20,000, reflecting an exchange rate of 2.03 (that is, $2.03 per pound). Prepare the entry to record (1) the sale and (2) the receipt of payment in pounds when the exchange rate is 1.95.
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