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Pino Inc. is a BC-based wine producer, In anticipation of a particularly bounteous grape harvest and a potential problem in obtaining a sufficient volume of shipping crates, Pino entered into a noncancellable agreement with Lumber Products Ltd. to supply 180,000 wooden crates at a price of $9 per crate plus 7% PST and 5 % GST . During the current fiscal year, Pino purchased 45,000 crates. Near the end of the year, however, a restrictive tariff on the import of crates from the United States was lifted. Crates then became readily available from other suppliers for only $8 plus tax. ed Required: 1. Prepare the journal entry to record the purchase of crates during the current fiscal year. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld.) No Transaction General Journal Debit Credit Crate Inventory 1,284,000 GST payable 60,000 Accounts payable 1,344,000 2. Prepare the journal entry to record the impact of the price drop. (If no entry is required for a transaction/event, select "No journal entry required In the first account fleld.) Debit Credit No Transaction General Journal 135,000 Estimated loss on onerous purchase contract 135,000 Provision for onerous contract