During 2017, Contempo Card Company,headquartered in Providence, RI, enters into transactions with companies in Singapore where the currency used and agreed to is the Singapore Dollar (SGD REQLUIRED: Prepare journal entries to record the following transactions in USD, including any necessary adjusting entries at December 31 caused by the fluctuation in the value of the SGD. Assume the uses a In addition: What is the e balance in the accounts: t, Inventory, Accounts an. 31 Mar. 31Paid for the equipment purchased on Jan. 31 Mar. 31 Purchased inventory for 50,000 SGD on credit June 30 Sold half of the inventory purchased on Mar. 31 for 70,000 SGD on credit. Aug. 31 Collected 60,000 SGD from the sale on June 30 Nov. 30 Made a partial payment on the inventory purchased on Mar. 31 of 40,000 SGD (eaving 10,000 SGD remaining) Nov. 30 Borrowed 250,000 SGD from a Singapore-located bank. Purchased equipment for 40,000 SGD on credit Date DR CR Equipment Inventory Accounts Receivable Accounts Payable FX Rates: an. 31 Mar. 31 une 30 Aug. 31 Nov. 30 Dec. 31 1 USD To SGD 141 1.40 1.38 1.36 1.35 1.34 S1 SGD to USD $ 0.71 $ 0.71 0.73 $ 0.74 $0.74 $ 0.75