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On September 15, 20X2, Wall Company, a U.S. firm, purchased a piece of equipment from a foreign firm for 500,000 FCs. Payment for the equipment was to be made in FCs on January 15, 20X3. The spot rates on selected dates were as follows:
Date Spot Rate 9/15/X2 1 FC = $0.30 12/31/X2 1 FC = $0.33 1/15/X3 1 FC = $0.315
Required:
a. Assuming that the US Corp. has a December 31 year end, prepare the necessary journal entries to account for the series of transactions involving the purchase.
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