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Required: prepare the journal entry based on the given information

Required: prepare the journal entry based on the given information

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information are the import transaction between Peerless Products and Tokyo Industries: On August 1, 20X1, Peerless contracts to purchase special-order goods from Tokyo Industries. Their manufacture and delivery will take place in 60 days (on October 1, 20X1). The contract price is 2,000,000 yen.. Timing USD/YEN Hedge Commencement 0.0065 30 days later (first reporting date) 0.0075 • 60 days later (purchase takes place and the payment is made) 0.0070 Required: prepare the journal entry based on the given information
Transcribed Image Text:The following information are the import transaction between Peerless Products and Tokyo Industries: On August 1, 20X1, Peerless contracts to purchase special-order goods from Tokyo Industries. Their manufacture and delivery will take place in 60 days (on October 1, 20X1). The contract price is 2,000,000 yen.. Timing USD/YEN Hedge Commencement 0.0065 30 days later (first reporting date) 0.0075 • 60 days later (purchase takes place and the payment is made) 0.0070 Required: prepare the journal entry based on the given information
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