Consider two fictional economies, one called "The United States" and the other called "Germany". In 2015, the following transactions have occurred between the two countries:

- German investors purchased $100 of US Government bonds - German investors received 25$ in interest payments on the US Government bonds that they own - US firms borrowed $30 from German banks - US households bought German cars for a total value of $100 - US investors purchased $25 of German corporate bonds - US investors received $10 in interest payments on some German Government bonds that they own - US businesses borrowed $25 from German banks - German tourists spent 20$ in visits to US museums - US tourists spent 10$ in German Hotels - US residents gave 10$ to German charities

Construct the balance of payments for each country

The United States Balance of Payments

Current Account	Current Account
Export
Import
Trade balance (1)	+ or -
Income received
Income paid
Net income (2)	+ or -
Net transfers received (3)	+ or -
Current Account Balance (=1+2+3)	+ or -
Capital Account	Capital Account
Increase in foreign holdings of domestic assets (4)	+ or -
Increase in domestic holdings of foreign assets (5)	+ or -
Capital Account Balance (=4-5)	+ or -
Statistical discrepancy

Germany Balance of Payments

Current Account	Current Account
Exports
Imports
Trade balance (1)	+ or -
Income received
Income paid
Net income (2)	+ or -
Net transfers received (3)	+ or -
Current Account Balance (=1+2+3)	+ or -
Capital Account	Capital Account
Increase in foreign holdings of domestic assets (4)	+ or -
Increase in domestic holdings of foreign assets (5)	+ or -
Capital Account Balance (=4-5)	+ or -
Statistical discrepancy