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Journal entries for an account payable denominated in Mexican Pesos ($US weakens)

Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment is to be made on March 15 in Mexican Pesos (Peso) in the amount of 150,000 Pesos. Your company operates on a calendar year basis.

Assume the following exchange rates:

December 15$0.040:1 PesoDecember 31$0.050:1 PesoMarch 15$0.060:1 Peso