Accounting October 25, 2020 ABC Inc (an American based firm)

Accounting October 25, 2020 ABC Inc (an American based firm) entered into a contract to acquire Big Ben from a right friendly chap they met while traveling in London. The seller, known only as “Doc Brown” agreed to sell them Big Ben for the stunningly low price of 800,000 British pounds to be paid upon delivery. The contract calls for “Doc Brown” to deliver Big Ben on January 3, 2021. The exchange rates are as follows: October 25, 2020 1 British pound = 0.46 US dollars December 31, 2020 1 British pound = 0.47 US dollars January 3, 2021 1 British pound = 0.41 US dollars 


REQUIRED: 

Show all work Make the necessary entries on October 25, December 31 and January 3.


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