Use the Following $/£ Spot Rates to Answer the Questions

Essay

Use the following $/£ spot rates to answer the questions below.
$$\begin{array} { | l | c | } \hline & \text { Spot Rate } \\\hline \text { October 15, 2019 } & \$ 1.358 \\\hline \text { December 31, 2019 } & 1.375 \\\hline \text { March 1, 2020 } & 1.395 \\\hline\end{array}$$ For each question below, the U.S. company has a December 31 year-end.
Required
a. A U.S. company sold merchandise to a U.K. customer on October 15, 2019; payment of £100,000 is received on March 1, 2020. Calculate the following amounts:
i. Accounts receivable, December 31, 2019
ii. Sales revenue, 2019 income statement
iii. 2019 exchange gain/loss
2020 exchange gain/loss
b. A U.S. company bought merchandise from a U.K. customer on October 15, 2019; payment of £100,000 was made on March 1, 2020. Calculate the following amounts:
i. Accounts payable, December 31, 2019
ii. Inventory, December 31, 2019
iii. 2019 exchange gain/loss
2020 exchange gain/loss