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Show the journal entry required at december

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Question - On November 30, 2019 and December 31, 2019, Burns Corp had a 30,000 foreign currency accounts receivable due January 31, 2020. Burns Corp has a December 31 fiscal year end. The spot exchange rates at these dates were:

November 30, 2019: 1 US = 4 FC

December 31, 2019 1 US = 6 FC

January 31, 2020 1 US =  5 FC

Show the journal entry required at December 31, 2019 for the FX gain or loss.

Reference no: EM132541163

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