Problem 1: Excellsior corp. made a sale to a foreign customer on December 1, 2015 for 50,000 foreign currency units (FCU). Excellsior collected payment on January 31, 2016. The following exchange rates apply: Date 12/01/2015 12/15/2015 12/31/2015 01/31/2016 U.S. Dollar per FCU 0.50 0.52 0.48 0.52 1. What journal entry should be reported by Excellsior on the date of sale? a. Credit Sales: $50,000 b. Credit Sales: F50,000 C. Credit Sales: $25,000 d. Debit Sales: $25,000 e. None of the above 2. What does Excellsior report as a foreign exchange gain or loss on 12/31/2015 f. Gain $1,000 g. Gain $2,000 h. Loss $1,000 i. Loss $2,000 j. Zero- unrealized gains or losses are not recognized 3. What journal entry should be reported by Excellsior on the date of collection? k Credit Forex gain: $2,000 1. Credit sales: $2,000 m. Debit Forex loss: $2,000 n. Credit Forex gain: $1,000