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 160,000 wooden crates at a price of $21 per crate plus 7% PST and 5% GST. During the current fiscal year, Pino purchased 40,000 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 $16 plus tax. 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 field.) Journal entry worksheet Record the purchase of 50,000 crates @ $24. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 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 160,000 wooden crates at a price of $21 per crate plus 7% PST and 5% GST. During the current fiscal year, Pino purchased 40,000 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 $16 plus tax. 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 field.) Journal entry worksheet Record the purchase of 50,000 crates @ $24. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal