EXERCISE 12-2 Importing and Exporting Journal Entries L04 During December of the current year, Teletex Systems, Inc. a company based in Seattle, Washington, entered into the following transactions Dec 10 Sold seven office computers to a company located in Colombia for 8,541,000 pesos. On this date, the spot rate was 365 pesos per U.S. dollar 12 Purchased computer chips from a company domiciled in Taiwan. The con- tract was denominated in 500,000 Taiwan dollars. The direct exchange spot rate on this date was $.0391 Required A. Prepare journal entries to record the transactions above on the books of Teletex Systems, Inc. The company uses a periodic inventory system B. Prepare journal entries necessary to adjust the accounts as of December 31. Assume that on December 31 the direct exchange rates were as follows: Colombia peso Taiwan dollar $.00268 $.0351 C. Prepare journal entries to record settlement of both open accounts on January 10. As- sume that the direct exchange rates on the settlement dates were as follows Colombia peso Taiwan dollar $.00320 $.0398 D. Prepare journal entries to record the December 10 transaction, adjust the accounts on December 31, and record settlement of the account on January 10, assuming that the transaction was denominated in dollars rather than pesos. Assume the same exchange rates as those given