5:51 chegg.com Question: ROBLEM #3 -art 1. The following information was published in Abu Dhabi's The... ROBLEM art 1. The following information was the "The year started with currency flash that Japanese yen to mine the curtains expo NOTE: "plonged' means filmi AND a.ch REQUIRED: Assume you are a Japanese com 1) is the information in the newspaper was 2) Explain your answer below . 00 OP 3) Between Jan 1 and Jan 7, 2013, did the indima esbanget TOR 1044) On January 1, you entered into an expert in der 105 If you created a weekly income sement for the periodu 106 purchase would you record a focics 107 TOR 1095) On January 1, you entered into an importanti 110 If you created a weekly income statement for the periode All purchase would you record for a los 113 114 115 116 PROBLEM 14 117 Centennial Exchange a US compaty, imports and exports Deo Sheet? New This question hasn't been answered yet ASK FOR ANSWER Centennial Exchange, a US company, imports and exports grains. The company has a Dec 31 year-end. The company negotiated the following transactions during 2008: Dec 1. Purchased 1,000,000 bushels of wheat from a Norwegian company for 16,500,000 Krone. Dec 15. Sold grain to a Hungarian company for 20,000,000 Florins. Jan 15. Received the payment for the grain sold on Dec. 15. Jan 30. Paid for the Dec. 1 purchase. Direct exchange quotations for specific dates are presented below: Norwegian Hungarian Krone Florins Dec. 1 0.1480 0.0642 Dec. 5 0.1458 0.0643 Dec. 15 0.1456 0.0640 Doc. 31 0.1451 0.0641 Jan. 15 0.1458 0.0650 Jan. 30 0.1457 0.0637 Feb. 5 0.1456 0.0643 REQUIRED: List your answers in the answer box below. 1. Provide all journal entries related to the transactions 2 - What was the effect of the purchase transaction on the income statement dated Dec 31, 2009? QUESTION 14 The following information was published in Abu Dhabi's "The National newspaper on Monday, January 7, 2019 "The year started with a currency flash crash as the US and Australian dollars, along with the Turkish lira, plunged against the Japanese yen to raise the curtain on what analysts expect to be a hugely volatile 12 months." NOTE: "plunged means fell rapidly AND "volatile" means changing rapidly REQUIRED: Assume you are a Japanese company, and answer the questions below in the answer box. 1) Between Jan 1 and Jan 7, 2019, did the indirect exchange rate increase or decrease? 2) Explain your answer below. 3) On January 1, you entered into an import transaction denominated in US dollars and you received payment on Feb 1. if you created a weekly income statement for the period Jan 1 to Jan 7 and your only transaction during the week was the Jan 1 purchase would you record a foreign currency gain or loss on your income statement? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 5:51 chegg.com Question: ROBLEM #3 -art 1. The following information was published in Abu Dhabi's The... ROBLEM art 1. The following information was the "The year started with currency flash that Japanese yen to mine the curtains expo NOTE: "plonged' means filmi AND a.ch REQUIRED: Assume you are a Japanese com 1) is the information in the newspaper was 2) Explain your answer below . 00 OP 3) Between Jan 1 and Jan 7, 2013, did the indima esbanget TOR 1044) On January 1, you entered into an expert in der 105 If you created a weekly income sement for the periodu 106 purchase would you record a focics 107 TOR 1095) On January 1, you entered into an importanti 110 If you created a weekly income statement for the periode All purchase would you record for a los 113 114 115 116 PROBLEM 14 117 Centennial Exchange a US compaty, imports and exports Deo Sheet? New This question hasn't been answered yet ASK FOR ANSWER Centennial Exchange, a US company, imports and exports grains. The company has a Dec 31 year-end. The company negotiated the following transactions during 2008: Dec 1. Purchased 1,000,000 bushels of wheat from a Norwegian company for 16,500,000 Krone. Dec 15. Sold grain to a Hungarian company for 20,000,000 Florins. Jan 15. Received the payment for the grain sold on Dec. 15. Jan 30. Paid for the Dec. 1 purchase. Direct exchange quotations for specific dates are presented below: Norwegian Hungarian Krone Florins Dec. 1 0.1480 0.0642 Dec. 5 0.1458 0.0643 Dec. 15 0.1456 0.0640 Doc. 31 0.1451 0.0641 Jan. 15 0.1458 0.0650 Jan. 30 0.1457 0.0637 Feb. 5 0.1456 0.0643 REQUIRED: List your answers in the answer box below. 1. Provide all journal entries related to the transactions 2 - What was the effect of the purchase transaction on the income statement dated Dec 31, 2009? QUESTION 14 The following information was published in Abu Dhabi's "The National newspaper on Monday, January 7, 2019 "The year started with a currency flash crash as the US and Australian dollars, along with the Turkish lira, plunged against the Japanese yen to raise the curtain on what analysts expect to be a hugely volatile 12 months." NOTE: "plunged means fell rapidly AND "volatile" means changing rapidly REQUIRED: Assume you are a Japanese company, and answer the questions below in the answer box. 1) Between Jan 1 and Jan 7, 2019, did the indirect exchange rate increase or decrease? 2) Explain your answer below. 3) On January 1, you entered into an import transaction denominated in US dollars and you received payment on Feb 1. if you created a weekly income statement for the period Jan 1 to Jan 7 and your only transaction during the week was the Jan 1 purchase would you record a foreign currency gain or loss on your income statement? 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