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A U.S. for-profit software company (U.S. dollar functional currency) provided services to a U.K. customer on December 10, 20X4 for 30,000 on account. The spot rate was $1.25/ on December 10 and $1.30/ on December 31, 20X4. Under U.S. GAAP, how should the pound-denominated accounts receivable be reported on the December 31, 20X4 balance sheet?
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