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Determine initial recognition

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Reference no: EM132577838

A UK company sells goods to a customer in United States for $72,000 on 12 September, when the exchange rate was $1.80 = £1. It received payment on 19 November, when the exchange rate was $2 = £1. The financial year-end is 31 December.

Question 1: Show all Journal entries to record the transactions

Question 2: Determine the following

  1. Initial recognition
  2. Recognition at settlement
  3. Gain or loss arising from translation.

Reference no: EM132577838

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