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Record all journal entries for Oak Corporation on November

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Question - On November 4, 20X4, Oak Corporation, a U.S. corporation, purchased components for an assembly machine from Maple Industries, a Canadian Company, which were put into Parts Inventory. The purchase price was 80,000 Canadian dollars and Oak agreed to pay in Canadian dollars in 90 days. Both corporations are on a calendar year accounting period. Assume that the spot rates for the Canadian dollar on November 4, 20X4, December 31, 20X4, and February 2, 20X5, are $0.9985, $1.0191, and $1.0064, respectively. Record all journal entries for Oak Corporation on November 4, 20X4, December 31, 20X4 and February 2, 20X5. Be sure to identify floating amounts with the proper foreign currency (i.e. Can $) for full credit.

Reference no: EM132772465

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