Assume that your company sells product to a customer supplier on December 15. The invoice specifies that payment is to be made on March 15 in Euros in the amount of 10,000 Euros. Your company operates on a calendar year basis. Assume the following exchange rates:

December 15 $1.58:1 Euro

December 31 $1.60:1 Euro

March 15 $1.63:1 Euro

Required:

a. Prepare the journal entries to record the sale.

b. Prepare the journal entry as of Dec. 31.

c. Prepare the journal entry as of March 15.