Merchant Company had the following foreign currency transactions: 1. On November 1. 206, Merchant sold goods to a company located in Munich, Germany. The recelvable was to be settled in European euros on February 1, 20X7, with the receipt of 220,000 by Merchant Company. 2. On November 1, 206. Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay 110,000 on February 1, 20X7. The direct exchange rates are as follows: Required: Record the T-accounts for the following transactions (Record the transactions in the given order.) 1. The November 1, 20x6, export transaction (sale). 2. The November 1,206, import transaction (purchase). 3. The December 31, 20X6, year-end adjustment required of the foreign currency-denominated recelvable of 220,000 : 4. The December 31, 20X6, year-end adjustment required of the foreign currency-denominated payable of 110,000 5. The February 1, 20X7, adjusting entry to determine the U.S. dollar-equivalent value of the foreign currency receivable on that date 6. The February 1, 20X7, adjusting entry to determine the U.S. dollar-equivalent value of the foreign currency payable on that date: 7. The February 1, 20X7, settlement of the foreign cutrency recelvable. 8. The February 1,207, settlement of the foreign currency payable. ek 8 - Chapter 11 (i)