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Assume the following spot exchange rates between the U.S. dollar and the Japanese yen: March 1 $ 0.00931 March 31 $ 0.00947 April 30 $
Assume the following spot exchange rates between the U.S. dollar and the Japanese yen:
March 1 $ 0.00931
March 31 $ 0.00947
April 30 $ 0.00911
On March 1, XYZ, a U.S. company, buys goods from a Japanese importer for 10 million. Payment is to be made on April 30, and XYZ adjusts its financial statements quarterly. What are the journal entries for XYZ on March 1, March 31, and April 30?
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