Exercise 1.1 (Balance of Payments Accounting) Describe how each of the following transactions affects the U.S. Balance of Payments. (Recall that each transaction gives rise to two entries in the Balance-of-Payments Accounts.) 1. Jorge Ramrez, a landscape architect residing in Monterrey, Mexico, works for three months in Durham, NC, creating an indoor garden for a newly built museum and receives wages for $35,000. 2. Jinill Park's mother, a resident of South Korea, pays her son's tuition to Columbia University via a direct deposit. 3. Columbia University buys several park benches from Spain and pays with a $ 120,000 check. 4. Floyd Townsend, of Tampa Florida, buys 5,000 dollars worth of British Airlines stock from Citibank New York, paying with U.S. dollars. 5. A French consumer imports American blue jeans and pays with a check drawn on J.P. Morgan Chase Bank in New York City. 6. An American company sells a subsidiary in the United States and with the proceeds buys a French company. Exercise 1.1 (Balance of Payments Accounting) Describe how each of the following transactions affects the U.S. Balance of Payments. (Recall that each transaction gives rise to two entries in the Balance-of-Payments Accounts.) 1. Jorge Ramrez, a landscape architect residing in Monterrey, Mexico, works for three months in Durham, NC, creating an indoor garden for a newly built museum and receives wages for $35,000. 2. Jinill Park's mother, a resident of South Korea, pays her son's tuition to Columbia University via a direct deposit. 3. Columbia University buys several park benches from Spain and pays with a $ 120,000 check. 4. Floyd Townsend, of Tampa Florida, buys 5,000 dollars worth of British Airlines stock from Citibank New York, paying with U.S. dollars. 5. A French consumer imports American blue jeans and pays with a check drawn on J.P. Morgan Chase Bank in New York City. 6. An American company sells a subsidiary in the United States and with the proceeds buys a French company