1) Using double entry bookkeeping, record the following transactions in US t-accounts.
a) A Canadian citizen withdraws $300 from its US bank account and uses these funds to purchase shares of Google (an US Company) stock.
b) A Canadian citizen receives a $200 dividend payment from the Google stock and uses this money to buy wine produced in California.
c) The US gives Canada $2000 worth of meat to help relieve a shortage due to mad cow disease.
d) A Canadian investor receives $700 in interest payments from its holdings of US bonds and spends these funds on a hotel and food in New York.
2) Calculate the value of the US Balance of Payments and indicate whether it is in a surplus, deficit, or equilibrium.