Question: On November 1 5 , 2 0 2 4 , Malcolm Ltd ( ML ) ordered a large volume of wine from a California winery

On November 15,2024, Malcolm Ltd (ML) ordered a large volume of wine from a California winery for USD 950,000. The wine was delivered on December 10,2024. The accounts payable was due on January 31,2025. The relevant exchange rates are:
November 15,2024: $1= USD $0.74
December 10,2025: $1= USD $0.76
December 31,2025: $1= USD $0.78
February 1,2026: $1= USD $0.75
ML has made all year-end adjusting entries necessary for this foreign currency purchase. What entry would be made on Feb 1,2026, when payment is made to the supplier?

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