2. On December 1, 20X1, Rone Imports, a U.S. company, purchased clocks from Switzerland for 15,000...

2. On December 1, 20X1, Rone Imports, a U.S. company, purchased clocks from Switzerland for 15,000 francs (SFr) to be paid on January 15, 20X2. Rone’s fiscal year ends on December 31, and its reporting currency is the U.S. dollar. The exchange rates are

December 1, 20X1 1 SFr = $ 0.70

December 31, 20X1 1 SFr = 0.66

January 15, 20X2 1 SFr = 0.68

Required:

1). Prepare journal entries for Rone to record the purchase, assuming the fiscal year ends on December 31, through January 15, 20X2. (10 points)

Journal entries

12/01/20X1:

12/31/20X1:

01/15/20X2:

Solutions

Expert Solution

ekkarill92 answered 2 years ago

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