The Michael company in the US ordered goods from a foreign supplier in Singapore on 15, November year 1 at a price of $200,000 SGD. Payment will be made in 100 days after Michael has sold these goods. Sales are made rather quickly and Michael company pays the whole obligation on January 10, year 2. The following exchange rate for 1 SGD:

Date USD per SGD

November 15, year 1 0.75

December 31, year 1 0.8

January 1, year 2 0.82

Prepare all journal entries for Michael company in terms of the purchase and payment. The end of fiscal year is December 31