PROBLEM B On 7/1/08, Ceiling Company, a U.S. firm, sold inventory (cost, $15,000) to a foreign firm for 80,000 FCs. The customer will make payment in FCs on 8/1/08. The spot rates on selected dates were as follows: Date Buying Spot Rate Selling Spot Rate 7/1/08 1 FC = $0.30 1 FC = $0.325 8/1/08 1 FC = $0.335 1 FC = $0.35 a) Prepare Ceiling's journal entries for the above transactions. b) Prepare the 8/1/08 entries assuming instead that on 8/1/08 the buying spot rate is 1 FC = $0.28 and the selling spot rate is 1 FC = $0.30