llar and the British 3. Assume the following spot exchange rates between the U.S. dollar and pound sterling March 1 $1.8685 March 31 $1.8258 April 30 $1.7740 On March 1, XYZ, a U.S. company, sells goods to a British importer for 1.000.000 ment is to be received on April 30, and XYZ adjusts its financial statements a What are the journal entries for XYZ on March 1, March 31, and April 30? Was the lar strengthening or weakening over the period of the contract?! 4. Assume the following spot exchange rates between the U.S. dollar and the Britich pound sterling: March 1 March 31 April 30 $1.8685 $1.8258 $1.7740 On March 1, XYZ, a U.S. company, sells goods to a British importer for $1,868,500 at the spot rate and denominates the sale in dollars. Payment is to be received on April 30, and XYZ adjusts its financial statements quarterly. What are the journal entries on March 1, March 31, and April 30? Was the dollar strengthening or weakening over the period of the contract