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Breanna Boutique purchased on credit 51,000 worth of clothing from a British company when the exchange rate was $1.98 per British pound.

Breanna Boutique purchased on credit £51,000 worth of clothing from a British company when the exchange rate was $1.98 per British pound. At the year-end balance sheet date the exchange rate increased to $2.77. With respect to this liability, Breanna Boutique must record a (Do not round your intermediate calculations):

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Answer
1 British Pound
= $1.98
Brenna Boutique Purchased =51,000
Clothes Purchased in terms of $ = $1.98*51,000
=$100,980
Exchange Rate Increased to = $2.77
Due to increase in exchange rate = $2.77...

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