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Lincoln Corporation,a U

Question 31

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Lincoln Corporation,a U.S.manufacturer,both imports needed materials and exports finished products.Their receivables and payables are listed below,prior to year-end adjustments or preparation of the closing entries.
Lincoln Corporation,a U.S.manufacturer,both imports needed materials and exports finished products.Their receivables and payables are listed below,prior to year-end adjustments or preparation of the closing entries. Required: Determine the amount at which receivables and payables should be reported on December 31,2014,and the net exchange gain or loss that would be reported as a result of year-end adjustments.
Required:
Determine the amount at which receivables and payables should be reported on December 31,2014,and the net exchange gain or loss that would be reported as a result of year-end adjustments.

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