Question: ABC Company has US 160 000 in a U S bank
ABC Company has US$ 160,000 in a U. S. bank account. It received this money from a customer, for a cash sale, when the exchange rate was US$ 1 = Cdn$ 1.02. At year-end, the exchange rate is US$ 1 = Cdn$ 0.97. At what amount is the sale recorded? What amount of cash is reported on the end- of- year statement of financial position?
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