Wooster Corporation purchased a special-purpose machine from Konigsberg Corporation on credit for E 50,000. At the date
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Wooster Corporation purchased a special-purpose machine from Konigsberg Corporation on credit for E 50,000. At the date of purchase, the exchange rate was $.90 per euro. On the date of the payment, which was made in euros, the value of the euro was $.95. Prepare entries in journal form to record the purchase and payment in Wooster Corporation's accounting records. LO1
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