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Problem 4 - Foreign Transactions (10 Points) FreshFoods, Inc. sells American gourmet foods...

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Problem 4 - Foreign Transactions (10 Points) FreshFoods, Inc. sells American gourmet foods to merchandisers in Singapore. Prepare the journal entries for FreshFoods, to record the following transactions. Include any year-end adjustments. Dec. 20 Sold items to Tan, Inc., for 60,000 Singapore dollars. The exchange rate was $0.476 per Singapore dollar. The purchase terms were n/30. Dec. 31 The exchange rate was $0.480 per Singapore dollar. Jan. 17 Received payment from Tan for the December 20 sale. The exchange rate was $0.495 per Singapore dollar

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