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Gaw Produce CO. purchased inventory from a Japanese company on December 18, 2011. payment of 4,000,000 yen was due on January 18,2012.
Exchange Rate Between the dollar and the yen were as follows:
December 18 2011 1 yen = .0080 dollars
December 31 2011 1 yen = .0082 dollars
January 18 2012 1 yen = .0083 dollars
Required: prepare all journal entries for Gaw Produce Co. in connection with the purchase and payment.
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