FOREIGN CURRENCY TRANSACTION (PURCHASE) Mint Corporation has several transactions with foreign entities. Each transaction is denominated in the local currency unit (LCU) of the country in which the foreign entity is located. On November 2, 20X8, Mint purchased confectionary items on account from a foreign company at a price of LCU 23,000 when the direct exchange rate was 1 LCU = $1.08. The account has not been settled as of December 31, 20X8, (Mints accounting year end) when the exchange rate has increased to 1 LCU = $1.10. On January 29, 20X9 the account was settled with Mints payment of LCU 23,000 when the exchange rate decreased to 1 LCU = $1.07

Required: Record all journal entries for the

1) Transaction date,

2) Yearend adjusting entry, and

3) Settlement date.

The JOURNAL ENTRIES are the only things that are needed