2 Exercise 11-12 (Static) Sale in Foreign Currency LO 11-2 5 points eBook Print References Marko Company sold spray paint equipment to Spain for 5,000,000 pesetas (P) on October 1, with payment due in six months. The exchange rates were October 1, 20X6 December 31, 20x6 April 1, 20x7 Required: 1 peseta $0.0068 1 peseta = 0.0078 1 peseta 0.0076 a. Did the dollar strengthen or weaken relative to the peseta during the period from October 1 to December 31? Did it strengthen or weaken between January 1 and April 1 of the next year? b. Prepare all required journal entries for Marko as a result of the sale and settlement of the foreign transaction, assuming that its fiscal year ends on December 31. c. How much overall net gain or net loss did Marko have from its foreign currency exposure? Complete this question by entering your answers in the tabs below. Required A Required B Required C Did the dollar strengthen or weaken relative to the peseta during the period from October 1 to December 31? Did it strengthen or weaken between January 1 and April 1 of the next year? October 1 to December 31 January 1 and April 1 Required B > Dollar strengthened Dollar weakened