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 52,000 lira on credit. April 1 Paid for the equipment purchased February 1. June 1 Bought inventory for 66,000 lira on credit. August 1 Sold 80 percent of inventory purchased June 1 for 52,000 lira on credit. October 1 Collected 41,600 lira from the sales made on August 1, 2015. November 1 Paid 44,000 lira on the debts incurred on June 1, 2015. Transactions in 2016 February 1 Collected remaining 10,400 lira from August 1, 2015, sales. March 1 Paid remaining 22,000 lira on the debts incurred on June 1, 2015. Currency exchange rates for 1 lira for 2015 February 1 $ 0.46 April 1 0.47 June 1 0.49 August 1 0.50 October 1 0.51 November 1 0.52 December 31 0.54 ________________________________________ Currency exchange rates for 1 lira for 2016 February 1 $ 0.56 March 1 0.57 ________________________________________ 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.)