On January 1, 2017, Song delivers merchandise to Prabu for 250,000,000 Indonesian rupiah when the spot rate
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Question:
REQUIRED
1. Prepare journal entries to record the receivable from the sales transaction and the forward contract on January 1.
2. Prepare journal entries to record collection of the receivable and settlement of the forward contract on February 28.
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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