On December 1, Year1, El Primero Company purchases inventory from a foreign supplier for 40,000 coronas. Payment will be made in 90 days after El Primero has sold this merchandise. Sales are made rather quickly and El Primero pays this entire obligation on February 15, Year 2. The following exchange rates for 1 corona apply.Date U.S. Dollar per cornaDecember 1, Year 1 $0.87December 31, Year 1 0.82February 15, Year 2 0.91Prepare all journal entries for El Primero in connection with the purchase and payment.
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