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Question - Choy Co. of New York purchased rice from China for 100,000 renminbi (r) on Nov. 1, 2015. Payment is due on Jan. 30, 2016. The rates were as follows:
Date
Spot Rate
Nov. 1, 2015
$0.121
Dec. 31, 2015
$0.124
Jan. 30, 2016
$0.126
Required -
1. Record all journal entries on the transaction, balance sheet and settlement dates. Show computations.
2. What is Choy's overall gain or loss from these transactions? Show computations.
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