Catatan :

1. Jawab soal-soal di bawah ini dengan baik dan rapi.

2. Jawaban harus sudah saya terima paling lambat hari Selasa tanggal 24 Maret 2020,
jam 09.00 WIB.
3. Mohon bantuan utk di share ke teman-teman yang sekelas.
4. Terima lasih.

SOAL 1
American TV Corporation had two foreign currency transactions during December 2011, as
follows:
Purchased electronic parts from Toko Company of Japan at an invoice
December 12 price of 50,000,000 yen when the spot rate for yen was $0.00750. Payment
is due on January 11, 2012
Sold television sets to British Products Ltd. for 40,000 pounds when the
December 15 spot rate for British pounds was $1.65. The invoice is denominated in
pounds and is due on January 14, 2012.

Required
1. Prepare journal entries to record the foregoing transactions.
2. Prepare journal entries to adjust the accounts of American TV Corporation at December
31, 2011, if the current exchange rates are $0.00760 and $1.60 for Japanese yen and
British pounds, respectively.
3. Prepare journal entries to record payments to Toko Company on January 11, 2012, when
the spot rate for Japanese yen is $0.00765, and to record receipt from British Products Ltd.
on January 14, 2012, when the spot rate for British pounds is $1.63.

SOAL 2.
1. On September 1, 2011, Bain Corporation received an order for equipment from a foreign
customer for 300,000 euros, when the U.S. dollar equivalent was $400,000. Bain shipped the
equipment on October 15, 2011, and billed the customer for 300,000 euros when the U.S.
dollar equivalent was $420,000. Bain received the customer’s remittance in full on
November 16, 2011, and sold the 300,000 euros for $415,000. In its income statement for
the year ended December 31, 2011, what should Bain report as a foreign exchange gain or
loss?
 2. On September 22, 2011, Yumi Corporation purchased merchandise from an unaffiliated
foreign company for 10,000 euros. On that date, the spot rate was $1.20. Yumi paid the bill
in full on March 20, 2012, when the spot rate was $1.30. The spot rate was $1.24 on
December 31, 2011. What amount should Yumi report as a foreign currency transaction
gain or loss in its income statement for the year ended December 31, 2011?
3. On July 1, 2011, Clark Company borrowed 1,680,000 pesos from a foreign lender by
signing an interest-bearing note due on July 1, 2012, which is denominated in pesos. The
U.S. dollar equivalent of the note principal was as follows:

July 1, 2011 (date borrowed) $210,000

December 31, 2011 (Clark’s year-end) 2 40,000
July 1, 2012 (date paid) 280,000

In its income statement for 2012, what amount should Clark include as a foreign exchange
gain or loss?
4. On July 1, 2011, Stone Company lent $120,000 to a foreign supplier by accepting an
interest-bearing note due on July 1, 2012. The note is denominated in the currency of the
borrower and was equivalent to 840,000 pesos on the loan date. The note principal was
appropriately included at $140,000 in the receivables section of Stone’s December 31, 2011,
balance sheet. The note principal was repaid to Stone on the July 1, 2012, due date, when the
exchange rate was 8 pesos to $1. In its income statement for the year ended December 31,
2012, what amount should Stone include as a foreign currency transaction gain or loss?

SOAL 3.
Monroe Corporation imports merchandise from some Canadian companies and exports its own
products to other Canadian companies. The unadjusted accounts denominated in Canadian
dollars at December 31, 2011, are as follows:
Account receivable from the sale of merchandise on December 16 to Carver Corporation.
Billing is for 150,000 Canadian dollars and due January 15, 2012 $103,500
Account payable to Forest Corporation for merchandise received December 2 and payable on
January 30, 2012. Billing is for 275,000 Canadian dollars. $195,250
Exchange rates on selected dates are as follows:
 December 31, 2011 $0.680
January 15, 2012 $0.675
January 30, 2012 $0.685

Required
1. Determine the net exchange gain or loss from the two transactions that will be included in
Monroe’s income statement for 2011.
2. Determine the exchange gain or loss from settlement of the two transactions that will be
included in Monroe’s 2012 income statement.

SOAL 4.
The accounts of Lincoln International, a U.S. corporation, show $81,300 accounts receivable and
$38,900 accounts payable at December 31, 2011, before adjusting entries are made. An analysis
of the balances reveals the following:
Accounts Receivable
Receivable denominated in U.S. dollars $28,500
Receivable denominated in 20,000 Swedish krona 11,800
Receivable denominated in 25,000 British pounds 41,000
Total $81,300

Accounts Payable
Payable denominated in U.S. dollars $ 6,850
Payable denominated in 10,000 Canadian dollars 7,600
Payable denominated in 15,000 British pounds 24,450
Total $38,900

Current exchange rates for Swedish krona, British pounds, and Canadian dollars at December 31,
2011, are $0.66, $1.65, and $0.70, respectively.
Required
1. Determine the net exchange gain or loss that should be reflected in Lincoln’s income
statement for 2011 from year-end exchange adjustments.
2. Determine the amounts at which the accounts receivable and accounts payable should be
included in Lincoln’s December 31, 2011 balance sheet.
3. Prepare journal entries to record collection of the receivables in 2012 when the spot rates
for Swedish krona and British pounds are $0.67 and $1.63, respectively.
4. Prepare journal entries to record settlement of accounts payable in 2012 when the spot
rates for Canadian dollars and British pounds are $0.71 and $1.62, respectively

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