Alpha Company, whose journal entry is in the dollar, purchased goods with an invoiced value of FC250,000 on 1 November 20x1 to be settled on 31 January 20x2. Alpha Companys financial year end is 31 December.

Exchange rates 1 November 20x1 1FC:$1.5

31 December 20x1 1FC:$1.45

31 January 20x2 1FC:$1.48

Prepare the journal entry for Alpha Company:

(a)1 November 20x1-Purchase of goods:

(b)31 December 20x1- Year-end adjustment for outstanding accounts payable:

(c)31 January 20x2 Settlement of accounts payable: