Bartlett Company, headquartered in Cincinnati, Ohio, has occasional transactions with companies in a foreign country whose currency is the lira.

Transactions in 2015

February 1	Bought equipment for 46,000 lira on credit.
April 1	Paid for the equipment purchased February 1.
June 1	Bought inventory for 48,000 lira on credit.
August 1	Sold 80 percent of inventory purchased June 1 for 46,000 lira on credit.
October 1	Collected 34,500 lira from the sales made on August 1, 2015.
November 1	Paid 32,000 lira on the debts incurred on June 1, 2015.

Transactions in 2016

February 1	Collected remaining 11,500 lira from August 1, 2015, sales.
March 1	Paid remaining 16,000 lira on the debts incurred on June 1, 2015.

Currency exchange rates for 1 lira for 2015

February 1	$	0.40
April 1		0.41
June 1		0.43
August 1		0.44
October 1		0.45
November 1		0.46
December 31		0.48

Currency exchange rates for 1 lira for 2016

February 1	$	0.50
March 1		0.51

Prepare journal entries for the following transactions in U.S. 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. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2/1/13 To record purchase of equipment. 4/1/13 To record payment for equipment purchased on Feb1. 6/1/13 To record purchase of inventory. 8/1/13 To record sales. To record cost of goods sold. 10/1/13 To record collection from accounts receivable. 11/1/13 To record payment for inventory purchased on June1. 12/31/13 To adjust the value of lira payable. To adjust the value of lira receivable. 2/1/14 To record remaining collection from august sales. 3/1/14 To record remaining payment for june purchase.