McDonald's Corporation has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. The spot rates at December 31 are also given. Item Current $ balance FC balance December 31 spot rate 1. Receivable $52,000 1,000,000 Mexican pesos $0.05 2. Receivable 166,000 225,000 Canadian dollars 0.75 3. Payable 567,000 400,000 Jordan dinar 1.41 4. Payable 53,000 200,000 Saudi Arabian riyal 0.27 Required Prepare the adjusting entry recorded by McDonald's Corporation at December 31. Description Debit Credit Answer Exchange loss Answer 0 Answer 0 Answer Accounts receivable Answer 750 Answer 0 Accounts payable Answer 0 Answer 1,238,000