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Behrend Company, a U.S. firm, sold inventory to Edinburgo Company, a company based in Scotland, on December 1, 2019 with payment of 140,000 pounds (GBP) on January 31, 2020. Exchange rates for relevant dates are shown below: December 1, 2019 $1.7500: 1 GBP December 31, 2019 $1.8125: 1 GBP January 31, 2020 $1.8220: 1 GBP Show the journal entries recorded by Behrend Company at each of the three dates shown, then answer the questions below. 1) Did the GBP appreciate or depreciate during this period (compared to the US$)? 2) What type of risk did Behrend Corp accept in this agreement? 3) What is the total net foreign exchange gain or loss in 2019? 4) What is the total net foreign exchange gain or loss in 2020? 5) How would the amounts recorded as sales and accounts receivable have differed if Edignburgo had been a subsidiary of Behrend Corp? Behrend Corp. (a U.S.company) had the following import/export transactions with unaffiliated Mexican entities during 2019. Prepare the journal entry that Behrend would record at each of the following dates. The following exchange rates apply: December 12 5.11: 1 peso December 15 5.12: 1 peso December 31 5.13: 1 peso January 1 5.14: 1 peso January 15 5.15: 1 peso December 12: Bought inventory for 150,000 pesos, on account December 15: Sold 60% of inventory acquired on Dec 12 for 120,000 pesos, on account December 31: Books closed to prepare financial statements January 1: Paid the 150,000 pesos owed to the Mexican supplier January 15: Collected 120,000 pesos for December 15 sale 1) What amount was included in Sales in the year end income statement? 2) What amount was included in COGS in the year end income statement? 3) What amount is included in Inventory in the year end balance sheet? 4) What amount is in Accounts Payable in the year end balance sheet? Behrend Company, a U.S. firm, sold inventory to Edinburgo Company, a company based in Scotland, on December 1, 2019 with payment of 140,000 pounds (GBP) on January 31, 2020. Exchange rates for relevant dates are shown below: December 1, 2019 $1.7500: 1 GBP December 31, 2019 $1.8125: 1 GBP January 31, 2020 $1.8220: 1 GBP Show the journal entries recorded by Behrend Company at each of the three dates shown, then answer the questions below. 1) Did the GBP appreciate or depreciate during this period (compared to the US$)? 2) What type of risk did Behrend Corp accept in this agreement? 3) What is the total net foreign exchange gain or loss in 2019? 4) What is the total net foreign exchange gain or loss in 2020? 5) How would the amounts recorded as sales and accounts receivable have differed if Edignburgo had been a subsidiary of Behrend Corp? Behrend Corp. (a U.S.company) had the following import/export transactions with unaffiliated Mexican entities during 2019. Prepare the journal entry that Behrend would record at each of the following dates. The following exchange rates apply: December 12 5.11: 1 peso December 15 5.12: 1 peso December 31 5.13: 1 peso January 1 5.14: 1 peso January 15 5.15: 1 peso December 12: Bought inventory for 150,000 pesos, on account December 15: Sold 60% of inventory acquired on Dec 12 for 120,000 pesos, on account December 31: Books closed to prepare financial statements January 1: Paid the 150,000 pesos owed to the Mexican supplier January 15: Collected 120,000 pesos for December 15 sale 1) What amount was included in Sales in the year end income statement? 2) What amount was included in COGS in the year end income statement? 3) What amount is included in Inventory in the year end balance sheet? 4) What amount is in Accounts Payable in the year end balance sheet

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