Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 62

Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2015 and 2016.
2015
Apr. 8 Sold merchandise to Salinas Sons of Mexico for $5,938 cash. The exchange rate for pesos is$0.1043 on this day.
July 21 Sold merchandise on credit to Sumito Corp. in Japan. The price of 1.5 million yen is to be paid 120 days from the date of sale. The exchange rate for yen is $0.0094 on this day.
Oct. 14 Sold merchandise for 19,000 pounds to Smithers Ltd. of Great Britain, payment in full to be received in 90 days. The exchange rate for pounds is $1.4566 on this day.
Nov. 18 Received Sumito's payment in yen for its July 21 purchase and immediately exchanged the yen for dollars. The exchange rate for yen is $0.0092 on this day.
Dec. 20 Sold merchandise for 17,000 ringgits to Hamid Albar of Malaysia, payment in full to be received in 30 days. On this day, the exchange rate for ringgits is $0.4501.
Dec. 31 Recorded adjusting entries to recognize exchange gains or losses on Doering's annual financial statements. Rates for exchanging foreign currencies on this day follow.