Company ABCmaintains foreign currency cash balances in its USD set of books. As of 12/31/13 the balances were as follows:

GBP - 100,000

EUR - 200,000

The rates for Dec13 and Jan14 were as follows:

Average Rate for Dec: 1= $1.45

Month End Rate @ 12/31/11, 1= $1.50

Average Rate for Jan: 1 = $1.56

Month End Rate @ 1/31/12, 1 = $1.60

Average Rate for Dec: 1=$1.30

Month End Rate @ 12/31/11, 1 = $1.25

Average Rate for Jan: 1 = $1.24

Month End Rate @ 1/31/12, 1 = $1.20

Assuming there was no activity in the bank account in the month of January, what would be the closing cash balance in the USD set of books? If there were any changes to the USD balance, what was the other side of the entry?