Bartlett Company, headquartered in Cincinnati, Ohio, has occasional transactions with companies in a foreign country whose currency is the lira. Transactions in 2013 February 1 Bought equipment for 48,000 lira on credit. April 1 Paid for the equipment purchased February 1. June 1 Bought inventory for 54,000 lira on credit. August 1 Sold 70 percent of inventory purchased June 1 for 48,000 lira on credit. October 1 Collected 36,000 lira from the sales made on August 1, 2013. November 1 Paid 36,000 lira on the debts incurred on June 1, 2013. Transactions in 2014 February 1 Collected remaining 12,000 lira from August 1, 2013, sales. March 1 Paid remaining 18,000 lira on the debts incurred on June 1, 2013. Currency exchange rates for 1 lira for 2013 February 1 $ 0.42 April 1 0.43 June 1 0.45 August 1 0.46 October 1 0.47 November 1 0.48 December 31 0.50 Currency exchange rates for 1 lira for 2014 February 1 $ 0.52 March 1 0.53 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.) Date General Journal Debit Credit 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