54 Required information On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR), to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: December 5, 20X8 December 31, 20X8 January 10, 20X9 1 riyal $ 0.265 = 1 riyal = $ 0.262 1 riyal = $ 0.264 Based on the preceding information, what journal entry would Imperial make on December 31, 20X8, to revalue foreign currency payable to equivalent U.S. dollar value? A. Accounts Payable (SAR) Foreign Currency Transaction Gain Accounts Payable (SAR) B. Foreign Currency Transaction Gain C. Foreign Currency Transaction Loss Accounts Payable (SAR) D. Foreign Currency Transaction Loss Accounts Payable (SAR) 300 100 300 200 300 100 300 200

Required informetion On December 5. 20x8, Texas based imperial Corporation porchased goods from a Saudi Arabian firm for 100.000 rivals (SAR), to be paid on January 10,20x9. The transaction is denominated in Saudi tyals Imperiars fiscal year ends on December 31, and its reporing currency is the US dollar The exchange rates are Multiple Choice Option A Option B Option C Option D