Note that all parts in the attachment are journal entries

Tex Hardware sells many of its products overseas. The following are some selected transactions.

Tex sold electronic subassemblies to a firm in Denmark for $150,000$ Danish kroner $($Dkr$)$ on June $6,$ when the exchange rate was Dkr

$1=$$$0\mathrm{.}1695.$ Collection was made on July $3$ when the rate was Dkr $1=$$$0\mathrm{.}1698.$

On July $22,$ Tex sold copper fittings to a company in London for $32,000$ with payment due on September $20.$ Also, on July $22,$ Tex

entered into a $60-$day forward contract to sell $32,000$ at a forward rate of $1=$$$1\mathrm{.}630.$ The forward contract is not designated as a

hedge. The spot rates follow:

July $221=$$$1\mathrm{.}580$

September $201=$$$1\mathrm{.}612$

Tex sold storage devices to a Canadian firm for $C$$$75,000($Canadian dollars$)$ on October $11,$ with payment due on November $10.$ On

October $11,$ Tex entered into a $30-$day forward contract to sell Canadian dollars at a forward rate of $C$$$1=$$$0\mathrm{.}730.$ The forward

contract is not designated as a hedge. The spot rates were as follows:

October $11$

$C$$$1=$$$0\mathrm{.}735$

$C$$$1=$$$0\mathrm{.}732$

November $16$

Required:

Prepare journal entries to record Tex's foreign sales of its products, use of forward contracts, and settlements of the receivables.

$1$

Record the foreign sale and foreign currency receivable.

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$2$

$3$

Record the entry to revalue the foreign currency receivable to the U$.$S$.$ dollar

equivalent value.

Record the entry to collect the accounts receivable in Danish kroner.

Record the receipt of British pounds from the customer

$1$

$2$

$3$

$4$

$5$

$7$

Record the pounds delivered to a broker.

Record the receipt of U$.$S$.$ dollars from the broker in accordance with the

forward contract.

Record the sale to a Canadian firm denominated in Canadian dollars,

Record the entry for a $60-$day forward contract signed to sell Canadian dollars.

Record the revaluation of the foreign currency receivable to the equivalent

U$.$S$.$ dollar value.

Record the revaluation of the foreign currency payable.

Record the delivery of Canadian dollars to a broker:

$7$

Record the receipt of U$.$S$.$ dollars from the broker in accordance with the

forward contract rate.