3) Did or weaken from May 1 to May 15 relative to the 101 PROBL RM 64 Canicanial Buchango, a US company, imports and exports grains. The company has a September 30 fiscal year-end. The company egotisted the following transnotions during 2008: SEPT 1. Sold 1,000,000 bushels of wheat to a Norwegian company for 16,500,000 Krone. The account is to be settled (cash to be 103 mid) on October 30. SEPT 15. Purchased grain from an exporting company that operates in Hungary, The contract provides for the payment of ICH 20.000,000 Florins on October 15. 105 OCT 15. Made the required payment for the grain purchased on Sept. 15. 106 OCT 30. Received 16,500,000 Krones from the Norwegian customer in payment for the Sept. I sale. 108 Direct exchange quotations for specific dates are presented below, Norwegian Hungarian 110 Krone Florins Ill Sept. I 0.1480 0.0642 112 Sept. 5 0.1458 0.0643 113 Sept. 15 0.1456 0.0640 114 Sept. 30 0.1455 0.0643 115 Oct. 15 0.1458 0.0650 116 Oct. 30 0.1457 0.0637 1IT NOV. 5 0.1456 0.0543 118 119 REQUIRED: List your answers in the green boxes below. 120 1 - Provide all journal entries related to the transactions 121 2 - What was the overall income statement effect of these transactions on the financial statements dated Sep 30, 20087 122 123 1 - Journal Entries: 2 . Answer: 124 sep 1 inventory AP