Prepare all entries on the Phil. firm's books to record the below transactions:

 

On November 1, 20x4 a Philippine firm ordered 1,200 units of inventory from a US firm for $24,000. The inventory was shipped and invoiced to the Phil. firm on December 1, 20x4, to be paid on March 1, 20x5. The firm's fiscal year-end is December 31. Assume further that the Phil. firm did not engage in any form of hedging activity. The spot rates for US dollars at various dates are as follows: Nov. 1, 20x4 Dec. 1, 20x4 Dec. 31, 20x4 March 1, 20x5 Buying rates P39.80 40.00 40.70 40.60 Selling rates P40.25 40.55 40.80 40.65