Problems 1. U.S. company has the following receivables and payables denominated in foreign currencies, prior to closing on December 31. Item 1. Receivable 2. Receivable 3. Payable 4. Payable Current $ balance $ 125,840 372,500 1,378,000 68,000 Foreign currency balance 100,000 euros 500,000 Singapore dollars 1,000,000 pounds sterling 500,000 Hong Kong dollars December 31 spot rate $1.25 0.75 1.38 0.13 Required Prepare the adjusting entry the U.S. company makes at December 31 to update its receivables and payables. Show all calculations