A US Company Sells Goods to a Customer in Canada on on October

Essay

A U.S. company sells goods to a customer in Canada on October 20, 2020, at a price of C$100,000. The company receives payment from the customer, in Canadian dollars, on February 1, 2021, and immediately converts the payment to U.S. dollars. The U.S. company has a December 31 year-end. Spot rates ($/C$) are as follows:
$$\begin{array} { | l | c | } \hline & \text { Spot Rate } \\\hline \text { October 20, 2020 } & \$ 0.815 \\\hline \text { December 31, 2020 } & 0.800 \\\hline \text { February 1, 2021 } & 0.819 \\\hline\end{array}$$ Required
Prepare the U.S. company's journal entries to record these events.