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Q2. Suppose the business uses USD as its reporting currency and exports goods to the UK, agreeing a sale value of GBP 6,000. The relevant

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Q2. Suppose the business uses USD as its reporting currency and exports goods to the UK, agreeing a sale value of GBP 6,000. The relevant exchange rates to convert USD to GBP are as follows. 1. Initial transaction date: 1 GBP = 1.30 USD 2. Yearend date: 1 GBP = 1.28 USD 3. Settlement date: 1 GBP = 1.23 USD Requirement. Journalize the necessary entries. 5 Marks. CLO 2

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