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Lasso Inc. is a German company that manufactures automobile tires. Many of the raw materials are purchased from abroad and the finished product is sold to foreign countries. Following shows some of the transactions taking place during the year of 2010 and 2011: July 14, 2010 Sold on credit 10,000 tires to Toyota Inc., Japanese Company, at a price of 900 each. The current exchange rate at the time of sale was 12 per . The total amount was to be collected in two equal installments. Sept 21, 2010 Borrowed $120,000 from an American Bank when the exchange rate was $1.8 per . That amount was payable after six months. The interest will be charged at 10% per annum. Sept. 30. 2010 Collected the first installment of the amount receivable from Toyota Inc. Current Exchange rate was, 11.8 per . Dec. 30, 2010 Collected the second installment of the amount receivable from Toyota Inc. Current Exchange rate was, 11.9 per . March 21, 2011 Paid the principle plus the interest back to the American Bank when the exchange rate was $1.7 per . Note: At 31 December 2010 the exchange rates were as follows: Required a. Prepare the accounting entries in the accounting records of Lasso Inc. necessary to record the transactions taking place in 2010. b. Prepare the adjusting entries needed at December 31, 2010. Prepare the accounting entries in the accounting records of Lasso Inc, necessary to record the transaction- taking place in 2011