Platform 0000000641 : Ali Alfalasi 1 - B I DE E U S X2 x2 E E I Question 1 (6 Marks) Case 1 (2 Marks) Financial reporting of foreign operations. Suppose that on March 10, 2020, GDK Inc. a U.S. company, makes a sale and ships goods to Bristol Company, a British customer, for 200,000 (UK). It is agreed that Bristol Company will pay in Pound sterling on April 10, 2020. At the time of the sales the exchange rate as of March 10, 2020 is UK 1 = $1.40 dollars. Required 1. Determine the amount of dollars Bristol Company agrees to pay on March 10, 2020 and record the journal entry. 2. On April 10, 2020 Bristol Company the amount owed to GDK Company when the exchange rate is 1 = $1.25 Determine the amount of dollars Bristol agrees to pay and record the journal entry. Answer ity na D W