80.Prepare journal entries for the following transactions for Inter-Global Co.October 10: Purchased merchandise on account from Le Monde, a French company, for 80,000 euros. The exchange rate was...

80.Prepare journal entries for the following transactions for Inter-Global Co.


October 10: Purchased merchandise on account from Le Monde, a French company, for 80,000 euros. The exchange rate was $0.82.
November 2: Paid Le Monde for the merchandise purchased on October 1. The exchange rate at this date was $0.83.
November 15: Sold merchandise to Nippon, a Japanese company for 300,000 yen on account. The rate of exchange was $0.0091.
November 20: The Japanese company paid the full amount. The exchange rate was $0.0090.
December 5: Sold merchandise to Ponti, an Italian company for $24,000. The exchange rate is $0.81. The Italian company agrees to pay in U.S. dollars.
December 18: Collected the full amount from the Italian company when the exchange rate is $0.82.

81.Explain the major provisions of the Foreign Corrupt Practices Act as amended in 1986.

82.Differentiate between Adoption and Convergence as related to International Financial Reporting Standards.