Making Money Inc. (MMI) a U.S. company is involved in numeroustransactions with foreign companies. They just completed atransaction with a company out of Taiwan. On november 1, 2007 MMIpurchased on account a money counting machine for 40,000,000 Taiwandollars. The transaction will be settled on feb 1, 2008.
date spot rate
nov 1 2007 .0243
dec 31 2007 .0231
jan 1 2008 .0220
feb 1 2008 .0210
march 31 2008 .0250
april 30 2008 .0240
Prepare Journal Entries to record the transactions, adjust theaccounts and settle the contract. Please provide the date for eachjournal entry.
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