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Which of the following methods for translating foreign financial statements is allowed by IFRS? Monetary/Non-monetary method Current/Noncurrent method O Temporal method None of these methods are allowed under IFRS. we Goodyear Corporation sold product to a customer in Germany on October 1, 2019 for 500,000 euros with payment required on November 1, 2019. Relevant exchange rates are: Spot Rate October 1, 2019 $ 1.37 November 1, 2019 $ 1.40 Which Journal Entry is required by Goodyear on October 1, 2019 for the export transaction? Accounts Receivable 685,000 Sales Revenue 685,000 Cash 685,000 Purchases 685,000 This question is related to question 15 above ... Goodyear Corporation sold product to a customer in Germany on October 1, 2019 for 500,000 euros with payment required on November 1, 2019. Relevant exchange rates are: Spot Rate October 1, 2019 $ 1.37 November 1, 2019 $ 1.40 Which journal entry is required by Goodyear on November 1, 2019, the date of payment? Accounts Receivable 685,000 Foreign Exchange Loss 15,000 Cash 700,000 Cash 700,000 Accounts Receivable 685,000 Foreign Exchange Gain 15,000