On November 1, 2014, the Yankee Corporation, a US corporation, purchased and received machine from Wales Corporation, a UK company. The purchase price was 6250 ($10,000) and Yankee agreed to pay in pounds on February 1, 2015. Both corporations are on a calendar year accounting period. Assume that the spot rates for the British pound on November 1, 2014, December 31, 2014, and February 1, 2015, are $1.60, $1.65, and $1.625, respectively. Yankee's General Journal "Buyer" 11/01/14: 12/31/14 02/01/15 Wales' General Journal "Seller" 11/01/14: 12/31/14 02/01/15