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On November 1, 2019, Black Company purchased inventory from a company in France. Payment will...

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Accounting

  1. On November 1, 2019, Black Company purchased inventory from a company in France. Payment will be made in 500,000 Euros and will be paid on February 1, 2020.

Direct Exchange rates:

November 1, 2019 $1.06

December 31, 2019 $1.09

February 1, 2020 $1.08

Black has a December 3 1 st year end. Prepare the necessary journal entries for this import transaction

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