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On November 1, 2017, a U.S. firm sells equipment with an asking price of 500,000 pesos in Mexico. The U.S. firm will get paid on

On November 1, 2017, a U.S. firm sells equipment with an asking price of 500,000 pesos in Mexico. The U.S. firm will get paid on February 1, 2018. FX rates were as follows were as follows (dollars per peso): November 1, 2017 Balance sheet date (12/31/17) February 1, 2018 $0.0954 $0.0949 $0.0947 REQUIRED: Prepare the required journal entries at November 1, 2017, December 31, 2017, and February 1, 2018.

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