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How to prepare the journal entries for transaction date

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On February 1, 2019, CEDN acquired inventory from USA, an American based supplier for $USD 80,000. Legal possession of this inventory was also in February 1. CEDN's fiscal year end is August 31. An agreement was reached where payment for the inventory would be made November 30, 2019. The functional currency is the Canadian dollar, and there are no forward exchange contracts.

Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below:

Assume the following exchange rates applied:

Transaction date: February 1, 2019:1 U.S. Dollar = CDN$1.425

Year end: August 31, 2019:1 U.S. Dollar = CDN$1.415

Settlement date: November 30 , 2019:U.S. Dollar = CDN$1.445

Question 1: Prepare the journal entries that would be prepared on the: Transaction Date; Reporting Date; and Settlement Date

Reference no: EM132579775

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