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USCO purchased merchandise from a European company on 12/1/21 for 80,000 euros due in 60 days. Euro spot rate on 12/1 was $1.15. On 12/31

USCO purchased  merchandise from  a European company on 12/1/21 for 80,000 euros due in 60 days. Euro spot rate on 12/1 was $1.15. On 12/31 the spot rate was $1.10 On the settlement date the spot rate was $1.18.

Journal entries needed to record the transactions on 12/1/21, 12/31/21, 1/30/22.


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