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Pino inc. (Pino) is a BC-based wine producet. In anticipation of a particularly bounteous grape harvest and a potential problem in obtaining a sufficient volume of shipping crates, Pino entered into a noncancellable agreement with Lumber Products Ltd. to supply 155,000 wooden crates at a price of $18 per crate plus 7% PST and 5% GST. During the current fiscal year, Pino purchased 38,750 crates. Near the end of the year, however, a restrictive tariff on the import of crates from the United States was lifted. Crates then became readliy available from other suppliers for only $14 plus tax. Required: 1. Prepare the journal entry to record the purchase of crates during the current fiscal year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2. Prepare the journal entry to record the impact of the price drop. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Journal entry worksheet Record the provision for loss on the contract. Note: ENter debits before credits