On November 1,2010,the Yankee Corporation,a US Corporation,purchased and Received an Extruding

Essay

On November 1,2010,the Yankee Corporation,a US corporation,purchased and received an extruding machine from Wales Corporation,a UK company.The purchase price was $10,000(U.S.dollars)and Yankee agreed to pay in pounds on February 1,2011.Both corporations are on a calendar year accounting period.Assume that the spot rates for the British pound on November 1,2010,December 31,2010,and February 1,2011,are $1.60,$1.62,and $1.66,respectively.
Required:
Record the November 1,December 31,and February 1 transactions in the General Journals of Yankee Corporation and Wales Corporation.If no entry is required on a particular date,indicate "No entry" in the General Journal.