STRUNG QUESTION 13 The following information was published in Abu Dhabi's "The National" newspaper on Monday, January 7, 2019. "The year started with a currency flash crash as the US and Australian dollars, along with the Turkish lira, plunged against the Japanese yen to raise the curtain on what analysts expect to be a hugely volatile 12 months. NOTE: "plunged" means fell rapidly AND "volatile" means changing rapidly REQUIRED: Assume you are a US company, and answer the questions below in the answer box. 1) Between Jan 1 and Jan 7, 2019, did the indirect exchange rate increase or decrease? 2) Explain your answer below. 3) On January 1, you entered into an import transaction denominated in US dollars and you received payment on Feb 1. If you created a weekly income statement for the period Jan 1 to Jan 7 and your only transaction during the week was the Jan 1 purchase would you record a foreign currency gain or loss on your income statement? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIV Paragraph TY EX X T Te TS2 E. V Arial 14px . - +] > B Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro