Calculate for a) and b) Check mFor each of the following transactions, determine which U.S. balance of payments account is credited and which is debited and by howmuch. Assume payments for all transactions are deposited into a U.S. dollar-denominated bank account.Instructions: Enter your answer as a whole number.a. The United States imports $10 million worth of furniture from Sweden.A credit is made to the financial account v for $million.A debit is made to the current account v for $million.b. U.S. investors purchase $5 million in stock from companies located in Southeast Asian countries.A credit is made to the financial account v for $million.A debit is made to the financial account v for $million.c. The United States exports $25 million in wheat to Mexico.A credit is made to the current account v for $million.A debit is made to the financial account v for $million.d. Chinese investors purchase $2 million in U.S. government bonds.A credit is made to the financial account v for $million.A debit is made to the financial account v for $million.Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign.e. What is the net balance of each account?Current account: $millionFinancial account: $7million< Prev11 of 13Next >5:15 PMT.4/20/2021ere to search

Answer: (a). Import is recorded on the debit side of the current account because money flows out of…

Answered: Calculate for a) and b)

Business

Economics

Calculate for a) and b)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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