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On December 5, 20X8, Texas Based Imperial Corporation Purchased Goods

Question 23

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On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) , to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are:
On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) , to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: -Based on the preceding information,what journal entry would Imperial make on January 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value? A) B) C) D)
-Based on the preceding information,what journal entry would Imperial make on January 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value?


A) On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) , to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: -Based on the preceding information,what journal entry would Imperial make on January 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value? A) B) C) D)
B) On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) , to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: -Based on the preceding information,what journal entry would Imperial make on January 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value? A) B) C) D)
C) On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) , to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: -Based on the preceding information,what journal entry would Imperial make on January 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value? A) B) C) D)
D) On December 5, 20X8, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) , to be paid on January 10, 20X9. The transaction is denominated in Saudi riyals. Imperial's fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are: -Based on the preceding information,what journal entry would Imperial make on January 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value? A) B) C) D)

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