British pounds exchange rate US Dollar

Debit
Cash 20,000 0
Account receivable- net 70,000 0
Inventories 50,000 0
Equipment 800,000 0
Cost of sales 350,000 0
Depreciation exp 80,000 0
Other operating exp 100,000 0
Dividends 30,000 0

1,500,000 0
Credit
Accum depre 330,000 0
Acc payable 70,000 0
Capital Stock 400,000 0
Retained earning 100,000 M
Sales 600,000 0
1,500,000 0
current rate 1 jan 16 $1.50
average exchange rate $1.53
exchange rate for dividend $1.62
current exchange rate Des 31, 2016 $1.55