Crabby Industries,a U

question 30

Essay

Crabby Industries,a U.S.corporation,purchased inventory from a company in Sweden on November 18,2014 when the Swedish krona was trading at 1 krona = $0.161.The transaction was for 600,000 krona,and was to be paid in krona in 90 days.Crabby closed their books at December 31 for financial reporting purposes when the krona was trading at $0.167.On February 16,2012,Crabby paid the invoice when the krona was trading at $0.156.
Required:
Show the journal entries recorded by Crabby on November 18,2014,December 31,2014,and February 16,2015.

---

Definitions:

Post-Traumatic Stress Disorder

An emotional health disorder caused by enduring or observing a distressing event, illustrated by vivid flashbacks, distressing dreams, and overwhelming anxiety.

Multiple Organ Failures

A critical condition where two or more systems in the body fail simultaneously, often as a result of severe illness or injury.

Body Dysmorphic Disorder

A mental health disorder involving obsessive focus on a perceived flaw in appearance, often leading to significant distress and impairment in daily functioning.

Acute Stress Disorder

A mental condition that develops shortly after exposure to a traumatic event, characterized by symptoms such as distress, avoidance, and flashbacks.