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Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export transactions in 2004:
March 1 Bought inventory costing 50,000 pesos on credit.May 1 Sold 60 percent of the inventory for 45,000 pesos on creditAugust 1 Collected 40,000 pesos from customers.September 1 Paid 30,000 pesos to creditors. Currency exchange rates for 1 peso for 2004 are as follows:March 1 ................$0.17May 1 .....................0.18August 1 ..................0.19September 1 .............0.20December 31 ............0.21
For each of the following accounts, what will Acme report on its 2004 financial statements?
a. Inventory
b. Cost of Goods Sold: March 1
c. Sales: May 1
d. Accounts Receivable
e. Accounts Payable
f. Cash
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