Please show your work on how you came up with the calculations. Thank you!

Exercise 10 - Equipment Purchase Denominated in a Foreign Currency Rachael, Inc., a domestic manufacturer, bought machinery from a British customer on lanuary 15th with the purchase being denominated in British Pounds (). Rachael, Inc. prepares monthly financial statements in US dollars ($). The cost of the machine was 300,000, and the payment was due and made on March 15th. Spot rates covering the period in question are as follows: 4 5 January 1st 1 January 15th 16 January 31st 1f $1.15 $1.14 $1.11 February 1st 1 February 15th 16 February 28th 1 $1.14 $1.16 $1.18 March 1st 1 March 15th 1 = March 31st $1.20 $1.22 $1.25 1 = Prepare the joumal entries required on the books of Rachael, Inc. to account for this transaction by a) selecting the proper date using the drop down menu, b) selecting the proper account for each debit/credit using the drop down menu, and c) entering the proper debit/credit amounts - all in the gray shaded cells. When correct, the cells will change to a light green color. 10 Debit Credit Date Account January 15th Machinery Accounts Payable 2 B 14 January 31st Accounts Payable Foreign Currency Gain 16 7 February 28th Foreign Currency loss Accounts Payable March 15th Accounts Payable Foreign Currency Loss Cash 3