The relevant exchange rates are of dollars per pound Spot Rate Forward Rate for

The relevant exchange rates are of dollars per pound

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The relevant exchange rates are of dollars per pound:Spot RateForward Rate(for Feb 1, 20X6)November 1, 20X51.321.35December 31, 20X51.471.50February 1, 20X61.55-Required:1.What journal entry did Pelican record on November 1, 20X5?2.What journal entry did Pelican record on December 1, 20X5?3.What journal entry did Pelican record on February 1, 20X6 if the purchase was made?
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1.What journal entry did Frigatebird record on November 1, 20X5?2.What journal entry did Frigatebird record on December 1, 20X5?
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  • Spring '09
  • Slattery
  • Accounting, 1966, 1973, 1970, 1982

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