Arkansana Inc

Essay

Arkansana Inc.imports inventory from Costa Rica.Prepare the journal entries for Arkansana to record the following transactions.Include any year-end adjustments.
$$\begin{array} { | l | l | } \hline & \text { Purchased inventory from Rojas Co. for } 5,000,000 \text { Costa Rican colon. The } \\\text { Dec } 21 & \text { exchange rate was } \$ 0.002 \text { per colon. The credit terms were } n / 30 . \\\hline \text { Dec } 31 & \text { The exchange rate was } \$ 0.0023 \text { per colon. } \\\hline & \text { Paid Rojas Co. for the December } 21 \text { purchase. The exchange rate was } \\\text {Jan } 20 & \$ 0.0021 \text { per colon. }\\\hline \end{array}$$