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Prepare the journal entry of kratz company

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On June 3, Kratz Company, a U.S. company, purchased inventory on credit from a British Company for 40,000. Kratz properly recorded its inventory and accounts payable at $72,800, based on an exchange rate of $1.82.Kratz paid for the inventory on June 24 when the exchange rate was $1.86. Prepare the journal entry of Kratz Company to record the payment.

Reference no: EM13873100

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