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What journal entries will be recorded on december

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Question - On 30 November 2020, Lake Ltd bought goods from a US supplier for $400,000. Lake pays for the goods on 6 January 2021. Lake's financial year-end is the 31 December each year. The relevant exchange rates were as follows:

30 November 2020 $1.33: £1

31 December 2020 $1.36: £1

6 January 2021 $1.37: £1

Required - What journal entries will be recorded on 31 December 2020?

Reference no: EM132982779

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