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Merchant Company had the following foreign currency transactions: 1. On November 1, 20X6, Merchant sold goods to a company located in Munich, Germany. The receivable was to be settled in European euros on February 1, 20X7, with the receipt of 240,000 by Merchant Company. 2. On November 1, 20X6, Merchant purchased machine parts from a company located in Berlin, Germany. Merchant is to pay 120,000 on February 1, 20X7. The direct exchange rates are as follows: November 1, 20X6 December 31, 20X6 February 1, 20x7 1 = $ 0.60 1 = $ 0.62 1 = $ 0.58 Required: Record the T-accounts for the following transactions (Record the transactions in the given order.) 1. The November 1, 20X6, export transaction (sale). 2. The November 1, 20X6, import transaction (purchase). 3. The December 31, 20X6, year-end adjustment required of the foreign currency-denominated receivable of 240,000. 4. The December 31, 20X6, year-end adjustment required of the foreign currency-denominated payable of 120,000. 5. The February 1, 20X7, adjusting entry to determine the U.S. dollar-equivalent value of the foreign currency receivable on that date. 6. The February 1, 20X7, adjusting entry to determine the U.S. dollar-equivalent value of the foreign currency payable on that date. 7. The February 1, 20X7, settlement of the foreign currency receivable. 8. The February 1, 20X7, settlement of the foreign currency payable. Answer is not complete. Foreign Currency Units () 139,200 69,600 2/1/X7 2/1/X7 11/1/X6 12/31/X6 Accounts Receivable () 144,000 4,800 Bal. 2/2/X7 69,600 Bal. 12/31/X6 148,800 9,600 2/1/X7 Bal. 2/2/X7 69,600 Bal. 2/1/X7 139,200 139,200 2/1/X7 Bal. 2/2/X7 69,600 Bal. 2/2/X7 0 Accounts Payable () 72,000 2,400 11/1/X6 12/31/X6 Foreign Currency Transaction Loss 12/31/X6 2,400 2/1/X7 9,600 74,400 Bal. 2/2/X7 12,000 Bal. 12/31/X6 2/1/X7 4,800 Bal. 2/1/X7 69,600 Bal. 2/2/X7 12,000 2/1/X7 69,600 Bal. 2/2/X7 0 Bal. 2/2/X7 12,000 Foreign Currency Transaction Gain 4,800 12/31/X6 Bal. 2/2/X7 . 2/ 4,800 Bal. 2/2/X7 4,800 Bal. 2/2/X7 4,800