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What would the journal entry be required

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Question - Assume that ABC Inc. agrees to purchase US$700,000 for C$933,333 on January 15, 2019. The exchange rate at year-end is US$1=C$0.75 and the January 15, 2019 exchange rate is US$1=C$0.77. What would the journal entry be required when the contract is initiated?

Reference no: EM132825896

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