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On April15, Fasta, Inc. purchased 88,500,000 yen Fasta of parts from a Tokyo company paying...

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Accounting

On April15, Fasta, Inc. purchased 88,500,000 yen Fasta of parts from a Tokyo company paying 20% down, and the balance is due in 90 days. Interest is payable at a rate of 8% on the unpaid balance. The exchange rate on July 15, was $1.00 = 118 Japanese yen. On November 13, the exchange rate was $1.00 = 114 Japanese yen.

Required:

Prepare journal entries to record the purchase and payment of this foreign currency transaction in U.S. dollars.

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