P 12-5 Denominated sales and purchase transaction entries Pete Inc., a U.S. company, sold inventory to Ping Pte. Ltd. for 20,000 Singapore dollars and to Satria Tbk.

for 300mn Indonesian rupiahs on December 1, 2014, when the spot rate for the SGD was $0.798 and for the rupiah was $0.0000875. At the same time, Pete purchased merchandise from Patay Inc. for 500,000 Thai baht, when the spot rate for the baht was $0.031. Pete closed its books on December 31, 2014, and collected for the sale and settled the purchase on January 15, 2015.

Spot rates are given as follows:

Dec 31, 2014 Jan 15, 2015 Singaporean Dollars $0.76 $0.802 Indonesian Rupiah $0.0000911 $0.0000805 Thai Baht $0.029 $0.0318 REQuIRED: Prepare the necessary journal entries to account for the transactions above.