(Balance of Payments) The following are hypotheticaldata for the U.S. balance of payments. Use the data tocalculate each of the following:a. Merchandise trade balanceb. Balance on goods and servicesc. Balance on current accountd. Financial account balancee. Statistical discrepancyBillions of DollarsMerchandise exports 350.0Merchandise imports 2,425.0Service exports 2,145Service imports 170Net income and net transfers 221.5Change in U.S.-owned assets abroad 245.0Change in foreign-owned assets in theUnited States100.0

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