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38. A U.S. firm carried a receivable for 400,000 yen. Assuming that the direct exchange rate declined from $.009 at the date of the transaction

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38. A U.S. firm carried a receivable for 400,000 yen. Assuming that the direct exchange rate declined from $.009 at the date of the transaction to $.006 at the balance sheet date What balance would be reported for the receivable in the firm's balance sheet? Prepare the necessary journal entries at the balance sheet date

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