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| The Marvin Company has a receivable from a foreign customer which is payable in the local currency of the foreign customer. The amount receivable for 900,000 local currency units (LCU), has been translated into $315,000 on Marvin’s December 31, year 2 balance sheet. On January 15, year 3, the receivable was collected in full when the exchange rate was 3 LCU to $1. What journal entry should Marvin make to record the collection of this receivable?
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