lem - Prepare Journal Entries related to Foreign Curreney Transactions ( reign Curreney Transactions (20 points) Benson Corporation, a U.S. corporation with a March 31 Fiscal Year-End, enters into the following importing & exporting transactions during the months of March and April. Benson uses a perpetual inventory system. March 2d Sold merchandise to a British retailer with an invoice amount of $23,500. The merchandise cost was $16,500. The exchange rate at the time was 6528 Pounds per USs March 13th Sold merchandise to a retailer in Japan. The invoice amount was 5,35 The merchandise cost was $35,300. The exchange rate at the time was 106 yen was 5,350,000 yen. yen per USS March 23rd - Bought merchandise on account from a company in Mexico. The invoice was for 425,000 pesos. The exchange rate at the time for pesos was $1.0912. March 31t- Paid the amount due to the Mexican company (March 23d transaction). The exchange rate at the time for pesos was $.9892. End of Fiscal Year-Indirect Exchange Rates at this time. 5982 Pounds per USS 103 yen per USS 9190 peso per USS April 3rd - Received payment on the March 2nd invoice. The exchange rate at this time was .6315 Pounds per USS April 10th- Received payment on the March 13th invoice. The exchange rate at this time was 105 yen per USS REQUIRED: Prepare ALL necessary March and April Journal Entries related to the above information. Make sure you identify if you are crediting or debiting an account. Round all amounts to the nearest dollar