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Ace Company purchased inventory from a Japanese company on December 18, yr 1. Payment of...

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Accounting

Ace Company purchased inventory from a Japanese company on December 18, yr 1. Payment of 4,000,000 yen () was due on January 18, yr 2. Exchange rates between the dollar and the yen were as follows: Dec 1, yr 1 .0080 Dec 31, yr 1 .0082 Jan 18, yr 2 .0083 Required: Prepare all journal entries for Ace Co. in connection with the payment on Jan 18th.

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