E 12-7 Accounting for foreign currency–denominated sales Wall Corporation, a U.S. company, sold inventory items to PT Keraton of Indonesia for 300,000,000 Indonesian rupiah on July 1, 2016, when the spot rate was 13,200 Indonesian rupiah. PT Keraton paid the invoice on July 30, 2016, when the spot rate was 13,250 Indonesian rupiah.

REQuIRED: Prepare Wall’s journal entries for the transaction with PT Keraton on July 1 and July 30, 2016.