Texana Inc

Essay

Texana Inc.imports inventory from Mexico.Prepare the journal entries for Texana to record the following transactions.Include any year-end adjustments.
$\begin{array}{|l|l|}\hline\text { Dec 21 } & \begin{array}{l}\text { Purchased inventory from Acquilla Co. for } 500,000 \text { Mexican pesos. The } \\\text { exchange rate was } \$ 0.0914 \text { per peso. The credit terms were } 1 / 30 .\end{array} \\\hline \text { Dec 31 } & \text { The exchange rate was } \$ 0.0917 \text { per peso. } \\\hline \text { Jan 20 } & \begin{array}{l}\text { Paid Acquilla Co. for the December } 21 \text { purchase. The exchange rate was } \$ 0.0920 \\\text { per peso. }\end{array}\\\hline\end{array}$