8. 19 120 PROBLEM #4 Centennial Exchange, a US company, imports and exports grains. The company has a September 30 fiscal year-end. The company negotiated the following transactions during 2008: SEPT 1. Purchased 1,000,000 bushels of wheat to a Norwegian company for 16,500,000 Krone. The account is to be settled (cash to be paid) on October 30. SEPT 15. Sold grain to a company that operates in Hungary. The contract provides for the payment of 20,000,000 Florins on October 15. 121 OCT 15. Received the required payment for the grain sold on Sept. 15. 122 OCT 30. Paid 16,500,000 Krones for the Sept. 1 purchase. 123 124 Direct exchange quotations for specific dates are presented below: 125 126 127 Sept. 1 128 Sept. 5 129 Sept. 15 130 Sept. 30 131 Oct. 15 132 Oct. 30 133 Nov. 5 134 Norwegian Hungarian Krone Florins 0.1480 0.0642 0.1458 0.0643 0.1456 0.0640 0.1455 0.0643 0.1458 0.0650 0.1457 0.0637 0.1456 0.0643 135 REQUIRED: List your answers in the green boxes below. 136 1 Provide all journal entries related to the transactions. 137 2- What was the income statement effect of these transactions on the financial statements dated Sep 30, 2009? 138 Answer: Journal Entries: heet1 New... MacBook Pr