Bartlett Company headquartered in Cincinnati Ohio has occasional transaction

Bartlett Company headquartered in Cincinnati Ohio has occasional transactions with com- panies in a foreign country whose currency is the lira. Prepare journal entries for the follow- ing transactions in U.S. dollars. Also prepare any necessary adjusting entries at December 31 caused by fluctuations in the value of the lira. Assume that the company uses a perpetual inventory system. T ransactions in 2013 February 1 Bought equipment for 40000 lira on credit. April 1 Paid for the equipment purchased February 1. June 1 Bought inventory for 30000 lira on credit. August 1 Sold 70 percent of inventory purchased June 1 for 40000 lira on credit. October 1 Collected 30000 lira from the sales made on August 1 2013. November 1 Paid 20000 lira on the debts incurred on June 1 2013. T ransactions in 2014 February 1 Collected remaining 10000 lira from August 1 2013 sales. March 1 Paid remaining 10000 lira on the debts incurred on June 1 2013. Cur r ency exchange rates for 1 lira for 2013 February 1 $0.44 April 1 0.45 June 1 0.47 August 1 0.48 October 1 0.49 November 1 0.50 December 31 0.52 Cur r ency exchange rates for 1 lira for 2014 February 1 $0.54 March 1 0.55