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Assignment 2 On December 1, Year 1, Prima purchases inventory from a foreign supplier for 40,000 coronas. Payment will be made in 90 days after
Assignment 2 On December 1, Year 1, Prima purchases inventory from a foreign supplier for 40,000 coronas. Payment will be made in 90 days after Prima has sold this merchandise. Sales are made quickly and Prima pays its entire obligation on February 15, Year 2. The following exchange rates apply: Date US Dollar per FCU December 1, Year 1 $0.87 December 31, Year 1 0.82 February 15, Year 2 0.91 Prepare all journal entries for Prima in connection with purchase and payment
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