Kalyan Corporation Engaged in the Following Transactions During 2017 $\$ 1.40$

question 76

Essay

Kalyan Corporation engaged in the following transactions during 2017.
2017
Oct. 31 Purchased goods on accounts from a Dutch supplier at a cost of 80,000 Euros. The exchange rate on this date was $\$ 1.40$ per. Euro. $\text { Nov, } 19 \text { Paid the Dutch supplier when the exchange rate was } \$ 1.32 \text { per Euro. }$ Dec. 11 Sold goods on account to a U.S. bryyer at a selling price of $\$ 70,000$ U.S. dollars. The exchange rate on this date was $\$ 1.02$ Canadian dollars for each U.S. dollar Ignore the journal entry to record cost of goods sold. Dec. 31 Adjusted for the increase in the value of the US dollar, which had an exchange rate of $\$ 0,99$ . Kalyan's year end is December 31 2018
Jan. 5 Received payment from the U.S. buyer for the goods sold on Dec. 11 The exchange rate on this date was $\$ 1.01$ Canadian dollars for each U.S. dollar Prepare the journal entries necessary to record each of the above transactions.

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Definitions:

Native Americans

The indigenous peoples of the Americas, encompassing a wide range of tribes, cultures, and languages existing prior to European colonization.

Servitude

Servitude is a condition in which an individual is legally bound to serve another person for a specified or indeterminate time, often with little to no personal freedom or compensation.

Emancipate

To free someone from legal, social, or political restrictions; commonly used in historical contexts to refer to the freeing of slaves.

Black Slaves

Individuals of African descent who were forcibly taken into slavery and subjected to lifetime servitude, particularly prominent in the Americas during the transatlantic slave trade.