On January 1 2015 Outreach Incorporated sold services to a
On January 1, 2015, Outreach Incorporated sold services to a Canadian supply company and accepted a three-year note in the amount of 11,000 Canadian dollars. Assume that exchange rates between the U.S. dollar and the Canadian dollar are as follows:

Date U.S. Dollars Per
Canadian Dollars
January 1, 2015 ........... $0.95
December 31, 2015 ......... 0.99
December 31, 2016 .......... 0.90
Provide the journal entries (in U.S. dollars) prepared by Outreach to record the receipt of the note and the exchange gains/losses recognized on December 31, 2015, and December 31, 2016. Ignore any interest on the note.

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