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QUESTION 13 Centennial Exchange, a US company, imports and exports grains. The company has a...

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QUESTION 13 Centennial Exchange, a US company, imports and exports grains. The company has a Dec 31 year-end. Dec 1. Purchased 1,000,000 bushels of wheat from a Norwegian company for 16,500,000 Krone. Dec 15. Sold grain to a Hungarian company for 20,000,000 Florins. Jan 15. Received the payment for the grain sold on Dec. 15. Jan 30. Paid for the Dec. 1 purchase. Direct exchange quotations for specific dates are presented below: Norwegian Hungarian Krone Florins Dec. 1 0.1480 0.0642 Dec. 5 0.1458 0.0643 Dec. 15 0.1456 0.0640 Dec. 31 0.1451 C10641 Jan. 15 0.1458 0.0650 Jan. 30 0.1457 0.0637 Feb. 5 0.1456 0.0643 REQUIRED: List your answers in the answer box below. 1 - Provide all journal entries related to the transactions. 2- What was the effect of the purchase transaction on the income statement dated Dec 31, 2009? or the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI y s Paragraph Arial Save and Submit to save and submit. Click Save All Ansure to ou 14px EEA 1. The company negotiated the following transactions during 2008: 30 points Savi

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