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GreatOW., a U.S. corporation, sold inventory on December 1, 2011. The customer needs to make a payment of 25,000 British pounds in sixty days.
GreatOW., a U.S. corporation, sold inventory on December 1, 2011. The customer needs to make a payment of 25,000 British pounds in sixty days. GreatOW has a fiscal year end on Dec. 31. The pertinent exchange rates were as follows: (10 Points) Dec 1 Spot rate 1 GBP 1.7 USD Dec 31 Spot rate 1 GBP 1.8 USD Jan 30 Spot rate 1 GBP 1.6 USD Write the journal entries for December 1, December 31, and January 30: (10 Points)
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