Recording accounts receivable denominated in a foreign currency On June 19, a U.S. company sold and delivered merchandise on a 30-day account to a German corporation for 160,000 Euros. On July 19, the German company paid the U.S. company in full. Relevant currency rates were: June 19 July 19 Spot rate $1.168 $1.170 30-day forward rate 1.180 1.184 Calculate What amount should the U.S. company record on June 19 as an account receivable for its sale to the German company?

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ANSWER Calculation of Accou... View the full answer