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3. On November 2, 2019, when the spot rate is $0.12/HK$, a company takes delivery of merchandise priced at HK$1,000,000 from a supplier in Hong
3. On November 2, 2019, when the spot rate is $0.12/HK$, a company takes delivery of merchandise priced at HK$1,000,000 from a supplier in Hong Kong. The spot rate is $0.125 on December 31, the companys year-end. Payment of HK$1,000,000 is made to the supplier on February 1, 2020, when the spot rate is $0.122. Using the attached T-account template, prepare the entries required to recognize the above scenario. Show your calculations at the bottom of the T-account Template
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