question1

4 Question 1 5 Slad Co, a UAE firm imports inventory from the UK on December 1 Year 1 for 6 According to the contract payment will be done British pounds. 8 Payment in British pounds was made on February 1, Y2. 9 Slad Co closes books and prepares financial statements on December 31, Year 1. 10 Required: 11 Prepare all journal entries related to the foreign currency transaction assuming the 12 exchange rates provided below