Prepare necessary journal entries at the balance sheet date

Reference no: EM132083028

Question: A U.S firm carried a receivable for $400,000 yen. Assuming that the direct exchange rate declined from $.009 at the date of the transaction to $.006 at the balance sheet date, compute the transaction gain or loss. What balance would be reported for the receivable in the firm's balance sheet? Prepare the necessary journal entries at the balance sheet date.

Reference no: EM132083028

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