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A U.S. company acquired 10,000 from its bank on January 1, 2014, for use in future purchases from German Companies. The direct exchange rate is

A U.S. company acquired 10,000 from its bank on January 1, 2014, for use in future purchases from German Companies. The direct exchange rate is $ 1.25 = 1. On July 1, 2014, the exchange rate is $ 1.20 = 1. Prepare journal entry on both the dates.

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