Suppose Blanco Corporation completed the following international transactions:

Requirements
1. Record these transactions in Blanco€™s journal and show how to report the transaction gain or loss on the income statement.
2. How will what you learned in this problem help you structure internationaltransactions?

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May Sold inventory on account to Aromando, the Italian automaker, for 70,000. The exchange rate of the euro was $1.33, and Aromando demands to pay in euros. Purchased supplies on account from a Canadian company at a price of Canadian $54,000. The exchange rate of the Canadian dollar was S0.72, and the payment will be in Canadian dollars. 10 17 Sold inventory on account to an English firm for 140,000 British pounds. Payment will be in pounds, and the exchange rate of the pound was $1.93. 22 Collected from Aromando. The exchange rate is 1 $1.36. 18 Paid the Canadian company. The exchange rate of the Canadian dollar is $0.71 Collected from the English firm. The exchange rate of the British pound was $1.90. Jun 24