Walker, Inc., a U.S. corporation that prepares annual financial statements, ordered a machine (plant asset) from Pfau
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Walker, Inc., a U.S. corporation that prepares annual financial statements, ordered a machine
(plant asset) from Pfau Company of Germany on July 15, 2005, for C––
100,000 when the selling spot rate for the euro was $1.065. Pfau shipped the machine on September 1, 2005, and billed Walker for C –– 100,000. The selling spot rate for the euro was $1.070 on that date. Walker acquired a draft for C –– 100,000 and paid the invoice on October 25, 2005, when the selling spot rate for the euro was $1.065.
Prepare journal entries for Walker, Inc., to record the foregoing business transactions and events.
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