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A Company Purchased Inventory from Europe Valued at $100,000 Euros

Question 56

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A company purchased inventory from Europe valued at $100,000 euros.The spot rate at the transaction date was C$1.00 = 0.85 Euro.The spot rate on year end date was C$1.00 = 0.80 Euro.When the company paid the supplier 3 months after year end the spot rate was C$1.00 = 0.90 Euro.
Provide all necessary journal entries.Round all amounts to nearest dollar.

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Purchase date blured image Year end blured image 100,0...

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