1. Suppose that on July 15, 2020, Uncle Sam, Inc., a US company, makes a sale and ships goods to Pyramids, LLC, an Egyptian customer, for $500,000. However, it is agreed that Pyramids will pay in EGP (Egyptian pounds) on November 1, 2020. The exchange (spot) rate as of July 15, 2020, is 15.65 pounds to the dollar, a. Record the entry in Pyramids' books. 2. Suppose that on November 1, 2020, the spot rate for pounds is 16.10 pounds/$. Uncle Sam will still receive payment in Egyptian pounds. a. Prepare the entries in Uncle Sam's books. Answer 7 A B I - % $