On March 1, 20X8, Wilson Corporation sold goods for a U. S. dollar equivalent of $31,000 to a Thai company. The transaction is denominated in Thai baht. The payment is received on May 10. The exchange rates were: March 1: 1 baht = $0.031 May 10: 1 baht = 0.034 What entry is required to revalue foreign currency payable to U. S. dollar equivalent value on May 10?
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