On November 4, 20X4, Oak Corporation, a U.S. corporation, purchased components for an assembly machine from Maple Industries, a Canadian Company, which were put into Parts Inventory. The purchase price was 80,000 Canadian dollars and Oak agreed to pay in Canadian dollars in 90 days. Both corporations are on a calendar year accounting period. Assume that the spot rates for the Canadian dollar on November 4, 20X4, December 31, 20X4, and February 2, 20X5, are $0.9985, $1.0191, and $1.0064, respectively.

Record all journal entries for Oak Corporation on November 4, 20X4, December 31, 20X4 and February 2, 20X5.Be sure to identify floating amounts with the proper foreign currency (i.e. Can $) for full credit.