Lincoln Corporation, a U

Essay

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.