On January 15, Seagle Company, a U.S. company, acquired machinery on credit from Cleese Company, a British company, for 12,000 pounds. The Seagle Company paid for the machine on January 30. The exchange rates on January 15 and January 30 were

$1.65 and $1.60, respectively.

Required: (1) Prepare T-account entries for Seagle to record the purchase and the payment.

(2) Prepare the January 30 T-account entry for Seagle to record the payment if, instead, the exchange rate was $1.72 on this date.

 TYK-1