On December 5,20X8,Texas based Imperial Corporation purchased goods from a Saudi Arabian firm for 100,000 riyals (SAR) ,to be paid on January 10,20X9.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 10,20X9,to revalue foreign currency payable to equivalent U.S.dollar value?
Definitions:
Face Value
The original cost of a bond or the principal balance to be paid back at maturity, excluding interest.
Market Interest Rate
The prevailing rate at which interest is charged on loans and bonds in the broader financial market.
Bond Yield
The return an investor realizes on a bond, calculated by the coupon payments relative to the market price of the bond.
Face Value
The nominal or dollar value stated on a financial instrument, such as a bond or stock, representing its worth at issuance or maturity.
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