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Business, 24.07.2020 22:01 Teenabrewer28

2. Marvin Company’s receivable from a foreign customer is denominated in the customer’s local currency. This receivable of 900,000 LCUs has been translated into $315,000 on Marvin’s December 31, 20X5, balance sheet. On January 15, 20X6, the receivable was collected in full when the exchange rate was 3 LCU to $1. The journal entry Marvin should make to record the collection of this receivable is

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