1. Spencer Company, a US reporting company, has an Accounts Payable of FC 30,000 at June 30, 2019 and at July 31, 2019 The payable is due to be paid on September 30, 2018. The following exchange rates were in effect. Spot rate June 30, 2019: 1 US = 2.5FC Spot rate July 31, 2019: 1US = 4 FC Spot rate Sept 30, 2019: 1US = 5FC 3 month forward rate June 30, 2019 1 US = 3FC What is the journal entry to record the amount of foreign exchange gain or loss on July 31, 2019 by Spencer. TYPE YOUR SOLUTION BELOW AND SUBMIT THROUGH BLACKBOARD. Focus