Craigs Inc had the following transactions 1 On September

1 Craigs #54
Craigs Inc. had the following transactions:1. On September 1, Craigs Inc. purchased parts from
an Indian company for a Canadian dollar equivalent value of $8,000, to be paid on February 20.
The exchange rates between the Indian rupee (INR) and the Canadian dollar were:September 1
....... INR 1 = C$.022December 31 ....... INR 1 = C$.024February 20 ....... INR 1 = C$.0212. On
November 1, Craigs Inc. sold products to a Swiss customer for a Canadian dollar equivalent of
10,000 SF, to be received on March 10. The exchange rates between the Swiss franc (SF) and
Canadian dollar were:November 1 ....... SF 1 = C$0.70December 31 ....... SF 1 = C$0.66March
10 ....... SF 1 = C$0.68Required(a) Assume the functional currency is the Canadian dollar.
Prepare the entries required for the dates of the transactions and their settlement in Canadian
dollars.(b) Assume the two transactions are denominated in the applicable local currency units
of the foreign entities. Prepare the entries required for the dates of the transactions and their
settlement in the local currency units of the Indian company (rupees) and the Swiss customer
(SF).View Solution:
Craigs Inc had the following transactions 1 On September 1 Craigs

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