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Each of you have been assigned a different County A and Country B for use in the following problem. You are to research the exchange

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Each of you have been assigned a different County A and Country B for use in the following problem. You are to research the exchange rates with your countries on the dates indicated in the problem for 2022. 1. On August 1, your company purchased parts from County A for a US-dollar equivalent value of $10,000 to be paid on September 15 . 2. On August 15, your company sold products to a company in County B for a US-dollar equivalent value of $5,000 to be received on September 30 . For each of the above transactions: a) Assume that the two transactions are denominated in US dollars. Prepare the entries required for the dates of the transactions and their settlement in US dollars. b) Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of Country A and Country B. Country A-China 1 US dollar =7.24 Yuan Country B-Kenya 1 US dollar =.0083 Shilling

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