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Question - On November 1, 2011, the Sherwood Company sold inventory to a foreign customer for 200,000 local currency units (LCU). Payment is received on January 15, 2012. The exchange rates for 1 local currency unit are:
November 1, 2011 $ 1.10
December 31, 2011 1.05
January 15, 2012 .97
Prepare all journal entries in connection with this sale of inventory.
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