An American company Pete Inc. sold its inventory to Ping Pte.Itd for $20,000 Singapore dollars (SGD). and to satriaTbk. For300,000,000 rupiah on December 1,2014 when the spot rate for SGD is$0.798 baht, when the spot rate for baht is $0.031. Pete closed itsbooks on December 31,2014 and collected the total sale andsettlement amount on January 15,2015. Spot rates are given asfollows: 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 required journal entries to account forthe transaction above . ANSWER since the conversion rates of rupiah is not given on the day ofsale it is assumed to be $ 0.0000911. the student can assume thecorrect rate and make changes accordingly. On Purchase: Ping Pte limited Dr. 15,960.00 to Sales 15,960.00 (Conversion rate @ 0.798) Satria Tbk Dr. 27,330.00 Sales 27,330.00 (Conversion rate 0.000091 per $) On B/s Date: Loss on Currency change Dr. 760.00 To Ping Pte Limited 760.00 On Date of Realisation; Bank Account Dr. 16,040.00 To Ping Pte Ltd 15,200.00 To Gain on realisation 840.00 Bank Account Dr. 24,150.00 Loss on realisation Dr. 3,180.00