Assume that Holloway Stores completed the following foreign-currency transactions: May 9 Purchased various inventory items on account

Question:

Assume that Holloway Stores completed the following foreign-currency transactions:
May 9 Purchased various inventory items on account from Toyita, a Japanese company. The price was 700,000 yen, and the of the yen was $0.0092.
Jun 18 Paid Toyita when the was $0.0085.
22 Sold merchandise on account to Magnificente, a French company, at a price of 40,000 euros. The was $1.22. Ignore cost of goods sold.
28 Collected from Magnificente when the was $1.18.
Requirements
1. Journalize these transactions for Holloway. Focus on the gains and losses caused by changes in foreign-currency rates. Round your answers to the nearest whole dollar.
2. On May 10, immediately after the purchase, and on June 23, immediately after the sale, which currencies did Holloway want to strengthen? Which currencies did in fact strengthen? Explain your reasoning.
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...