Hamilton Corporation (HC) manufactures building equipment and sale… Hamilton Corporation (HC)

  

Hamilton Corporation (HC) manufactures building equipment and sale… Hamilton Corporation (HC) manufactures building equipment and sale throughout Canada and USA. Its year-end is June 30. The following foreign currency transactions occurred during the Year 1 calenderyear: i. On January 10, Hamilton agreed to sell equipment to an American customer for US$200,000 for delivery on or before March 31 and received a deposit of US$100,000. The balance is payable on July 31. ii. On March 17, the equipment was delivered to the American customer. iii. On May 1, Hamilton purchased 100 acres of land in New York, for US$400,000 as a long-terminvestment. Fifty percent of the purchase price was paid on May 1, Year 2, along with interest at the rate 6%. iv. On June 30, the 100 acres of land had a market value of US$610,000. Hamilton reports its long-term investments in land at historical cost and discloses the market value of the land in the notes to its financial statements. v. On July 31, the balance owing was received from the American customer. The following spot rates exist during the period January to July, Year 1:  January 10, Year 1​US$1 = C$1.16March 17, Year 1​US$1 = C$1.17May 1, Year 1​​US$1 = C$1.19June 30, Year 1​​US$1 = C$1.23July 31, Year 1​​US$1 = C$1.25​​Exchange rates changed evenly between the dates indicated above.  RequiredPrepare journal entries for the transactions stated above including year-end adjusting entries      Business Accounting BACC 3112 Share (0)