Barlett Company, headquartered in Cincinatti, Ohio, has occassional transactions with companies in a foreign country whose currency is the lira.

Transactions in 2015:

February 1	Bought equipment for 51,000 lira on credit
April 1	Paid for the equipment purchased February 1
June 1	Bought inventory for 63,000 lira on credit
August 1	Sold 70 percent of inventory purchased June 1 for 51,000 lira on credit
October 1	Collected 40,800 lira from the sales made on August 1, 2015
November 1	Paid 42,000 lira on the debts incurred on June 1, 2015

Transactions in 2016:

February 1	Collected remaning 10,200 lira from August 1, 2015, sales
March 1	Paid remaining 21,000 lira on the debts incurred on June 1, 2015

Currency Exchange Rates for 1 lira for 2015:

February 1	$0.45
April 1	$0.46
June 1	$0.48
August 1	$0.49
October 1	$0.50
November 1	$0.51
December 31	$0.53

Currency Exchange Rates for 1 lira for 2016:

February 1	$0.55
March 1	$0.56

Prepare jounal entries for the following transactions in US dollars. Also prepare any necessary adjusting entries at December 31 caused by fluctuations in the value of the lira. Assume that the company uses a perpetual inventory system. Do not round intermediate calculations. Show calculations.