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Translation of foreign currency USA Corp issues quarterly financial statements on September 30, 20X4, and...

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Accounting

Translation of foreign currency USA Corp issues quarterly financial statements on September 30, 20X4, and pays its GBP 1,000 account payable to the counterparty on October 15, 20X4. The exchange rates are shown in the following table. Date Exchange rate August 1,20X4 USD 1.5 = GBP 1 September 30, 20X4 USD 1.4 = GBP 1 October 15, 20X4 USD 1.3 = GBP 1 How should USA Corp measure and record this foreign currency transaction (a) in its quarterly financial statements for the quarter ended on September 30, 20X4, and (b) upon settlement of its account payable on October 15, 20X4?

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