How would you categorize the following transactions in the balance of payments for the United States. For each scenario, besure to discuss which section it enters as a credit and debit (for any entry in the current account, be sure to discuss if it is an import or export as well as whether it is a good or service)a. A French chef is hired to cater a US diplomats event in Franceb. An American purchases 1 Million dollarsâ worthof shares in a Nigerian companyc. The United States forgives a 5 Billion dollar debt owed by a foreign countryd. An Italian movie pays for the rights to sing the English version of the "Happy Birthday" song to its American copyright holderse.16 million dollarsâ worthof escargot is purchased by an American restaurant from Francef. An American business man in Los Angeles purchases crabs from a dealer in Seattle
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