salluit limited purchased a capital asset from a french company for e 200000 the asset was delivered to salluit limited on november 1 20×7/

/in /by

Required
1. Prepare journal entries for 20X7 and 20X8 to record the above information.
2. Assume that Salluit Limited hedged the obligation on November 1, 20X7. The forward rate was C$ 1.00 = € 0.64 on November 1, 20X7, and C$ 1.00 = € 0.63 on December 31, 20X7. Prepare the appropriate journal entries for 20X7 and 20X8.