On April 1, Q8T Corporation, with year-end December 31, an electronics retailer buys 3.25 million dollar worth of electronic chips from a US manufacturer paying 10% down, the balance to be paid in 3 months. Interest of 15% is to be calculated on the unpaid balance. The Kuwaiti dinar to the US dollar exchange rate on April 1 was KWD 1 = US$3.00; On July 1 it was KWD 1 = US$3.20.

Required: Prepare dated journal entries, in the books of Q8T corporation, to record the incurrence and settlement of this foreign currency transaction.