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Jackson Imports imported motorcycles from England at a total invoice price of 240,000 pounds. On July 1, the date of purchase, the exchange rate was
Jackson Imports imported motorcycles from England at a total invoice price of 240,000 pounds. On July 1, the date of purchase, the exchange rate was $1.60 = 1 pound. On August 15, the invoice was paid when the exchange rate was $1.58 = 1 pound. What is the entry for payment of the invoice? . Accounts Payable Cash 384,000 384,000 Accounts Payable 384,000 OB Cash Foreign-Currency Transaction Gain 379,200 4.800 Accounts Payable O C. Foreign-Currency Transaction Loss Cash 384,000 4.800 388,800 Accounts Payable OD. 379.200 Cash 379,200
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