12. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:

a. A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.

b. A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.

c. An Indian immigrant living in Los Angeles sends a check drawn on his LA bank account as a gift to his parents living in Mumbai.

d. A U.S. computer programmer is hired by a British company for consulting and gets paid from the U.S. bank account maintained by the British company.