January 11. Man, Inc., is an American company that manufactures exercise machines an distributes several lines of imported bicycles. Selected transactions of the com y are listed below:: - 4 18 Purchased manufacturing equipment from Rhine Mfg. Co., Germa company. The purchase price was DM400,000, due in 60 days. Currer exchange rate, $.5995 per deutsche mark. (Debit the Equipment a count) Purchased 2,500 racing bicycles from 'Ninja Cycles, a Japanese con pany, at a price of 60,000,000. Payment is due in 90 days; the currer exchange rate is $.0073 per yen. (IronMan uses the perpetual invei tory system.). 16 Purchased 1,000 touring bicycles from Royal Lion Ltd., a British corp ration. The purchase price was 192,500, payable in 30 days. Curre exchange rate, $1.77 per British pound, 3 c. 15 . Issued check to First Bank for the U.S. dollar-equivalent of DM400,00 in payment of the account payable to Rhine Mfg. Co. Current exchang rate, $.6085 per deutsche mark. Issued check to First Bank for dollar-equivalent of 192,500 in pa ment of the account payable to Royal Lion Ltd. Current exchange rat $1.72 per British pound. Prepare entries in general journal form to record the preceding transaction Prepare the December 31 adjusting entry relating to the account payable: Ninja Cycles. The year-end exchange rate is $.0076 per Japanese yen