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Problem 6 Chow Co. purchased rice from China for 100,000 renminbi (r) on Nov. 1, 2013. Payment is due on Jan. 30, 2014. The rates
Problem 6
Chow Co. purchased rice from China for 100,000 renminbi (r) on Nov. 1, 2013. Payment is due on Jan. 30, 2014. The rates were as follows:
Date Spot Rate (DER)
Nov. 1, 2013 $0.120
Dec. 31, 2013 $0.124
Jan. 30, 2014 $0.127
Record all journal entries on the transaction, balance sheet and settlement dates.
Please Show all computations.
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