On November 1, 2013, the Penguin Corporation, a US corporation, sold a machine to Shearwater Corporation, a UK company. The selling price was $9,400 and Shearwater agreed to pay in pounds on February 1, 20X4. Both corporations are on a calendar year accounting period. Assume that the spot rates for the British pound on

November 1, 2013: $1.60

December 31, 2013: $1.62

February 1, 2014: $1.58

Required:

1- Record the transactions in the General Journals of Penguin Corporation on the dates below:

General Journals Entries	Date
	1/11/2013
	31/12/2013
	1/02/2014

2- Record the transactions in the General Journals of Shearwater Corporation seller on the dates below:

General Journals Entries	Date
	1/11/2013
	31/12/2013
	1/02/2014