1. U.S. company has the following receivables and payables denominated in foreign currencies, prior to...
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1. U.S. company has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. Item Current $ balance $ 125,840 Foreign currency balance December 31 spot rate 100,000 euros |500,000 Singapore dollars 1,000,000 pounds sterling 500,000 Hong Kong dollars 1. Receivable 2. Receivable 3. Payable 4. Payable $1.25 372,500 0.75 1,378,000 1.38 68,000 0.13 Required Prepare the adjusting entry the U.S. company makes at December 31 to update its receivables and payables. Show all calculations
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