P12-4 Denominated sales and purchase transaction entries A U.S. Company David Inc. sold merchandise to Fernando SA for 10,000 on September 14, 2013. he spot rate for euro is $0.720 on this date. On October 12, 2014, David Inc. purchased merchandise from Mark AG for 12,000 Swiss franc, when the spot rate at this date is $1.312. The spot rates for cur- $1.310 for Swiss franc. David Inc. collected the sales to Fernando SA and paid the purchase from Mark AG on January 18, 2014, when the spot rates rencies on December 31, 2013 are $0.721 for euro, and 0.724 for euro and $1.313 for Swiss franc. David Inc. converted the Swiss franc received from Fernando SA on August 11, 2014, with a spot rate of $0.719 for euros. David Inc. closes its books December 31. every REQUIRED: Prepare the required journal entries to account for the transactions above