On January 1, 2015, Outreach Incorporated sold services to a Canadian supply company and accepted a.

On January 1, 2015, Outreach Incorporated sold services to a Canadian supply company and accepted a three-year note in the amount of 11,000 Canadian dollars. Assume that exchange rates between the U.S. dollar and the Canadian dollar are as follows: Date U.S. Dollars Per Canadian DollarsJanuary 1, 2015 ……….. $0.95December 31, 2015 ……… 0.99December 31, 2016 ………. 0.90Provide the journal entries (in U.S. dollars) prepared by Outreach to record the receipt of the note and the exchange gains/losses recognized on December 31, 2015, and December 31, 2016. Ignore any interest on the note.View Solution:
On January 1 2015 Outreach Incorporated sold services to a

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