In preparing its December 31, 1990, financial statements, a U.S. company had to report an account receivable
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In preparing its December 31, 1990, financial statements, a U.S. company had to report an account receivable that was denominated in a foreign currency. The receivable stemmed from a sale made on November 14, 1989. In translating the receivable into dollars, should the accountant use the foreign exchange rate on November 14 or on December 31 ?
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