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 47,000 lira on credit.
April 1	Paid for the equipment purchased February 1.
June 1	Bought inventory for 51,000 lira on credit.
August 1	Sold 60 percent of inventory purchased June 1 for 47,000 lira on credit.
October 1	Collected 37,600 lira from the sales made on August 1, 2015.
November 1	Paid 34,000 lira on the debts incurred on June 1, 2015.

Transactions in 2016

February 1	Collected remaining 9,400 lira from August 1, 2015, sales.
March 1	Paid remaining 17,000 lira on the debts incurred on June 1, 2015.

Currency exchange rates for 1 lira for 2015

February 1	$	0.41
April 1		0.42
June 1		0.44
August 1		0.45
October 1		0.46
November 1		0.47
December 31		0.49

Currency exchange rates for 1 lira for 2016

February 1	$	0.51
March 1		0.52