Harris Inc. had the following transactions: 1. On May 1, Harris purchased parts from a Japanese company for a U.S. dollar equivalent value of $8,200 to be paid on June 20. The exchange rates were May 1 June 20 1 yen - $0.0070 1 yen-0.0075 2. On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $11,400, to be received on August 10. Brazil's local currency unit is the real. The exchange rates were July 1 August 10 1 real- $ 0.20 1 real- 0.22 Required: a. Assume that the two transactions are denominated in U.S. dollars. Prepare the entries required for the dates of the transactions and their settlement in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Credit Debit 8,400 1 May 01 Inventory (or Purchases) Accounts payable 8,400 2 June 20 8,400 Accounts payable Cash 8,400 July 01 10,000 Accounts receivable Sales 10,000 4. August 10 10,000 Cash Accounts receivable 10,000 X b. Assume that the two transactions are denominated in the applicable local currency units of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the local currency units of the Japanese company lyen) and the Brazilian customer (real). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole number.) x Answer is not complete. Date General Journal Debit Credit No 1 May 01 Inventory (or Purchases) Accounts payable ) 2 June 20 Foreign currency transaction loss Accounts payable ( 3 June 20 Foreign currency transaction gain Accounts receivable (BRL) 3 3 5 July 01 Accounts receivable (BRL) ) Sales 6 August 10 Cash Foreign currency transaction loss 7 August 10 Accounts receivable (BRL)