Question: Assume that Tech Know Stores completed the following foreign-currency transactions: Jul 17 Purchased DVD players as inventory on account from Toshikar, a Japanese company. The

Assume that Tech Know Stores completed the following foreign-currency transactions:
Jul 17 Purchased DVD players as inventory on account from Toshikar, a Japanese company. The price was 700,000 yen, and the exchange rate of the yen was $0.0088.
Aug 16 Paid Toshikar when the exchange rate was $0.0079.
19 Sold merchandise on account to Magnificent, a French company, at a price of 20,000 euros. The exchange rate was $1.19.
30 Collected from Magnificent when the exchange rate was $1.12.

Requirements
1. Journalize these transactions for Tech Know. Focus on the gains and losses caused by changes in foreign-currency rates. (Round your answers to the nearest whole dollar.)
2. On July 18, immediately after the purchase, and on August 20, immediately after the sale, which currencies did Tech Know want to strengthen? Which currencies did in fact strengthen? Explain your reasoning.

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