Importing transactions-journal entries.

Striking Furs imports furs from Cananda. Prepare journal entries to record the following events.

Dec. 11, 2014: Purchased furs from Capable Trappers, Ltd., a Candadian corporation, at a price of $25,000 Candadian dolars, due in 60 days. The current exchange rate is $0.85 U.S. dollars per Candadian dollar. (Striking uses the perpetual inventory method; debit the Inventory account.)

Dec. 31, 2014: Striking made a year-end adjusting entry relating to the account payable to Capable Trappers. The exchange rate at year-end is $0.89 U.S. dollars per Candadian dollar.

Feb. 9, 2015: Issued a check for $21,750 (U.S. dollars) to National Bank in full settlement of the liability to Capable Trappers, Ltd. The exchange rate at this date is $0.87 U.S. dollars per Candadian dollar.