Mother Co., a U.S. corporation, sold inventory on credit to a British company on December 1, 2011. Mother received payme

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Mother Co A U S Corporation Sold Inventory On Credit To A British Company On December 1 2011 Mother Received Payme 1 (89.98 KiB) Viewed 17 times

Mother Co., a U.S. corporation, sold inventory on credit to a British company on December 1, 2011. Mother received payment of 20,000 British pounds on February 1, 2012. The exchange rate was £1 = $1.54 on Dec 1, 2011; £1 = $1.49 on Dec 31, 2011 and £1 = 1.52 on Feb 1,2012. For what amount should Account receivable be credited on Dec 31, 2011? $30,800 O £20,671 O $1,000 $ 29,800