Jung Farms exports wheat to Germany. The company entered into the following transactions: November 15, Year 1: December 31, Year 1: Sold wheat to a German restaurant chain at a price of 2 million euros, due in 90 days. The current exchange rate is $0.80 U.S. dollars per euro. (Jung uses the periodic inventory method. Jung made a year-end adjusting entry relating to the account receivable from the German restaurant chain. The exchange rate at year-end is $0.85 U.S. dollars per euro. Received a check for $1,640,000 from the InterContinental Bank in full settlement of the receivable from the German restaurant chain. The exchange rate at this date is $0.82 U.S. dollars per euro
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