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Hayden, Inc. purchased knobs from a Greek company for 192,000 Euros. On the purchase date...

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Accounting

Hayden, Inc. purchased knobs from a Greek company for 192,000 Euros. On the purchase date the exchange rate was $0.80 per Euro, but when Hayden paid the liability, the exchange rate was $0.70 per Euro. When this foreign account payable was paid, Hayden, Inc., recorded a:

Debit to Inventory of $19,200.

Loss of $19,200.

Credit to Accounts Payable of $153,600.

Gain of $19,200.

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