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Question - Tank Corporation, a U.S. manufacturer, has a June 30 fiscal year end. Tank sold goods to their customer in Columbia on May 27, 2011 for 18,000,000 Columbian pesos. The customer agreed to pay pesos in 60 days. The customer paid Tank on July 26. The following exchange rates apply:
May 27 $0.00055
June 30 $0.00052
July 26 $0.00058
Required - Record the Tank Corporation journal entries (3 entries) related to the dates listed above.
Date
05/27/11 - to record the sale.
06/30/11 - to record the translation gain or loss on financial statement date.
07/26/11 - to record payment.
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