Based on
this information, what journal entry would Imperial make on December 31, 2008,
to revalue foreign currency payable to equivalent U.S. dollar value?
A. Option A
B. Option C
C. Option B
On December 5, 2008, Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR),
On
December 5, 2008, Texas based Imperial Corporation purchased goods from a Saudi
Arabian firm for 100,000 riyals (SAR), to be paid on January 10, 2009. The
transaction is denominated in Saudi riyals. Imperial's fiscal year ends on
December 31, and its reporting currency is the U.S. dollar. The exchange rates
are:
.
acc week