On December 5,2008,Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) ,to be paid on January 10,2009.The transaction is denominated in Saudi riyals.Imperial's fiscal year ends on December 31,and its reporting currency is the U.S.dollar.The exchange rates are:
-Based on the preceding information,what journal entry would Imperial make on January 10,2009,to revalue foreign currency payable to equivalent U.S.dollar value?
Definitions:
Consignment
A sales arrangement in which goods are entrusted to a seller, but title to the goods remains with the supplier until they are sold.
Consignor
The entity that owns goods but entrusts them to another (consignee) for sale, distribution, or safekeeping.
Inventory
The raw materials, work-in-progress products, and finished goods that are considered to be the portion of a business’s assets that are ready or will be ready for sale.
Price Decline
Price decline refers to a decrease in the value or cost of an asset or commodity over a period, often influenced by market conditions or changes in supply and demand.
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