U.S. Corporation made a sale on account to U.K. Company on November 15 in the amount of LO 1 Long-Term Investments: Equity Method for DM 50,000 . At the date of purchase, the exchange rate was GB£. 55 per mark. On the date of the payment, which was made in marks, the value of the mark had increased to GBE.60. Prepare journal entries to record the purchase and payment in London Corporation's accounting records. \(£ 300,000\). Payment was to be made in British pounds on February 15. U.S. Corporation's accounting year is the same as the calendar year. The British pound was worth \(\$ 1.70\) on November \(15, \$ 1.58\) on December 31, and \(\$ 1.78\) on February 15. Prepare journal entries to record the sale, year-end adjustment, and collection on U.S. Corporation's books.