On September 12, 2023, Levis, a U.S. company, purchased goods from a German Company at a price of 50,000 Euros, when the direct exchange rate was 1 Euro = $1.35. The account has not been settled as of December 31, 2023, when the exchange rate was 1 Euro = $1.32. On February 2, 2024 Levis paid off the amount due to German Co. when the exchange rate was 1 Euro = $1.33 The entry required to revalue the foreign currency liability to U.S. $ on December 31, 2023 is Question 2Select one: a. Debit Foreign Currency Transaction Loss for $1,500 and credit Accounts Payable (€) for $1,500. b. Debit Accounts Payable (€)for $500 and credit Foreign Currency Transaction gain for $500. c. Debit Accounts Payable (€) for $1,500 and credit Foreign Currency Transaction gain for $1,500. d. Debit Foreign Currency Transaction Loss for $500 and credit Accounts Payable (€)for $500.

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To determine the entry required to revalue the foreign currency liability to US dollars on December ... View the full answer