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What are the dollar amounts for the accounts payables

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Question - You purchased steel from your Japanese vendor for ¥100,000 on December 15, 2021 when the spot rate is $1 = ¥100. The transaction will be settled on January 14, 2022 in Japanese Yen when the exchange rate is $1 = ¥90. The exchange rate on December 31, 2021 is $1 = ¥105.

(1) What are the dollar amounts for the Accounts Payables on 12/15/21, 12/31/21, and 1/14/22?

(2) What are the gains or loses to be recognized on 12/31/21 and 1/14/22?

Reference no: EM132995175

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