Q3) On June 27,2005, Us .company, which uses the perpetual inventory system, purchased from French company for 100000 euros , merchandise to be shipped by price of that date directly to Canadian company at a selling price of 180000 Canadian dollars ($c). on July 27,2005, us company obtained for u.s dollar and sent to franch company a draft for () 100000 and received from Canadian company a draft for $c 180000 ,which u.s immediately converted to u.s dollars . u.s company does not prepare monthly financial statements. Relevant spot exchange rates were as follows: 1= $c1= Buying Selling Buying Selling June 27,2005 $ 1.03 1.05 $0.84 $0.86 July 27,2005 1.04 1.06 0.85 0.87 Instruction Prepare journal entries (omit explanations ) for U.S company on june 27,2005,to record the purchase and sale of merchandise and on july 27,2005, to record the payment to French company and the recept from Canadian company