Centennial Exchange, a US company, imports and exports grains. The company has a Dec 31 year-end. The company negotiated the following transactions during 2008: Dec 1. Purchased 1,000,000 bushels of wheat from a Norwegian company for 16,500,000 Krone. Dec 15. Sold grain to a Hungarian company for 20,000,000 Florins, Jan 15. Received the payment for the grain sold on Dec. 15. Jan 30. Paid for the Dec. 1 purchase. Krone Direct exchange quotations for specific dates are presented below. Norwegian Hungarian Florins Dec. 1 0.1480 0.0642 Dec. 5 0.1458 0.0643 Dec. 15 0.1456 0.0640 Dec. 31 0.1451 0.0641 Jan. 15 0.1458 0.0650 Jan. 30 0.1457 0.0637 Feb. 5 0.1456 0.0643 REQUIRED: List your answers in the answer box below. 1. Provide all journal entries related to the transactions 2. What was the effect of the purchase transaction on the income statement dated Dec 31, 2009