Please don't start the problem unless your intentions are to complete the entire problem, and understand how to do the content! Thanks

P11-22 Foreign Currency Transactions LO 11-2, 11-3 Globe Shipping, a U.S. company, is an importer and exporter. The following are some transactions with foreign companies. 1. Globe sold blue jeans to a South Korean importer on January 15 for $7,400. when the exchange rate was South Korean Won (KRW)1 = $0.185. Collection, in dollars, was made on March 15, when the exchange rate was $0.180. 2. On March 8, Globe purchased woolen goods from Ireland for 7,000. The exchange rate was 1= $0.622 on March 8, but the rate was $0.610 when payment was made on May 1 3. On May 12. Globe signed a contract to purchase toys made in Taiwan for 80,000 Taiwan dollars (NTS). The toys were to be delivered 80 days later on August 1, and payment was due on September 9, which was 40 days after delivery. On May 12, Globe also entered into a 120-day undesignated forward contract to buy NT$80,000 at a forward rate of NT$1= $0.0376. On August 1, the forward rate for a September 9 exchange is NT$1 = $0.0378. The spot rates were as follows: May 12 August 1 September 9 NT$1 NT$1 NT$1 $0.0370 0.0375 0.0372 4. Globe sold microcomputers to a German enterprise on June 6 for 150,000. Payment was due in 90 days on September 4. On July 6. Globe entered into a 60-day undesignated forward contract to sell 150,000 at a forward rate of 1= $0.580. The spot rates follow: June 6 July 6 September 4 1 1 1 $ 0.600 0.590 0.585 Required: Prepare all necessary journal entries for Globe to account for the foreign transactions, including the sales and purchases of inventory, forward contracts, and settlements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 View transaction list View transaction list :X: 1 Record the foreign export denominated in U.S. dollars. 2 Record the collection of the receivable from the South Korean firm. View transaction list W III Record the foreign inventory purchase with the payable denominated in the foreign currency. Record the revaluation of the foreign currency payable to the current U.S. dollar equivalent. 3 Record the purchase of euros at the May 1 spot rate. 4 Record the settlement of the foreign currency payable. Note: 2 = journal entry has been entered Record entry Clear entry View 3. View transaction list EX: 1 Record a 120-day forward contract signed to hedge a foreign currency commitment. 2 Record the loss on the financial statement aspect of the firm commitment. 3 Record the receipt of goods and adjustment of the inventory cost by deferrals. Deb 4. Record the revaluation of the foreign currency receivable to the fair value. 5 Record the revaluation of the foreign currency payable. 6 Record the delivery of U.S. dollars to a foreign exchange Note : journal entry has been entered Record entry Clear entry Vience 3. View transaction list 3 Record the receipt of goods and adjustment of the inventory cost by deferrals. 4 Record the revaluation of the foreign currency receivable to the fair value. 5 Record the revaluation of the foreign currency payable. 6 Record the delivery of U.S. dollars to a foreign exchange broker. 7 Record the receipt of Taiwan dollars from the exchange broker. 8 Record the settlement of the foreign currency payable. Note: journal entry has been entered Record entry Clear entry 4. View transaction list X: Record the export sale denominated in euros. 2 Record the entry for the 60-day forward contract signed to deliver euros. 3 Record the revaluation of the foreign currency receivable to the equivalent U.S. dollar value. Debi Record the revaluation of the foreign currency payable for loss since July 6. 5 Record the receipt of euros from the customer. 6 Record the delivery of euros to an exchange broker. Note: journal entry has been entered Record entry Clear entry View ge 4. View transaction list :X: 2 Record the entry for the 60-day forward contract signed to deliver euros. Record the revaluation of the foreign currency receivable to the equivalent U.S. dollar value. 4 Record the revaluation of the foreign currency payable for loss since July 6. D 5 Record the receipt of euros from the customer. 6 Record the delivery of euros to an exchange broker. 7 Record the receipt of U.S. dollars from the broker in accordance with the forward contract signed on July 6. Note: journal entry has been entered Record entry Clear entry View