Make the necessary entries on the transaction below and show the balance sheet balances of affected accounts as of December 2016. The White Co. has the Philippine pesos as its functional currency. On October 16, 2016, White ordered some inventory from a foreign supplier and agreed a purchase price of 160,000 local currency units (LCU). The inventory was received on November 15, 2016. At December 31, 2016, the inventory remained on hand and the trade payable balance for the inventory purchase remained outstanding. The supplier was paid on January 27, 2017 and the inventory was sold on January 31, 2017. The following information about exchange rates is available: October 16, 2016 P1.00 2.60 LCU November 15, 2016 P1.00 2.50 LCU December 31, 2016 P1.00 2.40 LCU January 27, 2017. P1.00 2.25 LCU