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A U.S. company sells a product to a British company with the transaction listed in British pounds. On the date of the sale, the transaction

A U.S. company sells a product to a British company with the transaction listed in British pounds. On the date of the sale, the transaction total of $18,750 is billed as 12,500, reflecting an exchange rate of 1.50 (that is, $1.50 per pound). (1) & (2) Prepare the entry to record the sale and the receipt of payment in pounds when the exchange rate is 1.40.

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