Check my work 1 Tex Hardware sells many of its products overseas. The following are some selected transactions. 20 points 1. Tex sold electronic subassemblies to a firm in Denmark for 180,000 Danish kroner (Dkr) on June 6, when the exchange rate was Dkr 1 = $0.1790. Collection was made on July 3 when the rate was Dkr 1 = $0.1793. 2. On July 22, Tex sold copper fittings to a company in London for 39,000 with payment due on September 20. Also, on July 22, Tex entered into a 60-day forward contract to sell 39,000 at a forward rate of 1 = $1.630. The forward contract is not designated as a hedge. The spot rates follow: eBook Print References July 22 September 20 1 = $1.580 1 = $1.612 3. Tex sold storage devices to a Canadian firm for C$78,000 (Canadian dollars) on October 11, with payment due on November 10. On October 11, Tex entered into a 30-day forward contract to sell Canadian dollars at a forward rate of C$1 = $0.730. The forward contract is not designated as a hedge. The spot rates were as follows: October 11 November 10 C$1 = $0.735 C$1 = $0.732 Required: Prepare journal entries to record Tex's foreign sales of its products, use of forward contracts, and settlements of the receivables. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the foreign sale and foreign currency receivable. Note: Enter debits before credits. Date General Journal Debit Credit June 06 Record entry Clear entry View general journal Journal entry worksheet Record the entry to revalue the foreign currency receivable to the U.S. dollar equivalent value. Note: Enter debits before credits. Date General Journal Debit Credit July 03 Record entry Clear entry View general journal Journal entry worksheet 1 3 Record the entry to collect the accounts receivable in Danish kroner. Note: Enter debits before credits. Date Gen Journal Debit Credit July 03 Record entry Clear entry View general journal