id / My courses / INTERNATIONAL ACCOUNTING Section Lecture (20201020114600 AAUP-JENIN) / 19 lanuary 25 January / Time left 0:32:58 11 On January 1, 2021, a US firm purchased equipment from a foreign firm for 50,000 FC, to be paid on March 1 in FC. The spot rate was 1 FC - $1.50 on January 1 and 1 FC - $165 on March 1. To protect themselves from exchange rate changes the US firm entered into a forward exchange contract on January 1 to buy FC on March 1 for $152. The journal entry for purchasing the foreign currency on 11.2021 includes O2 Accounts payable to be debited. O b. Cashs to be debited c Foreign currency to be debited. Foreign currency to be credited Next page ES E LG ZY 8A 9 0 o HI J K L Enter