ER3 Recording Import and Export Transactions Homestyle Brands imports materials from other coun- LO 1 tries and exports finished products to customers throughout the world. Information regarding four such trans- actions occurring in the last accounting period, all denominated in units of foreign currency, is given below Spot rate at Spot rate at transaction datepayment date Country Amount 1. Import from Taiwan . .100,000 Taiwan dollars 2. Import from Poland ..600,000 zloty $0.033 0.280 0.321 1.040 $0.028 0.310 0.358 1.007 4. Export to Switzerland. 950,000 Swiss francs Required Prepare the journal entries made by Homestyle Brands to record the above events on the transaction date and on the payment date