U.S. Corporation made a sale on account to U.K. Company on November 15 in the amount of £300,000. Payment was to be made in British pounds on February 15. U.S.

Corporation's fiscal year is the same as the calendar year. The British pound was worth $1.70 on November 15, $1.58 on December 31, and $1.78 on February 15. Prepare entries in journal form to record the sale, year-end adjustment, and collection on U.S.

Corporation's books. LO1