(Answered) Fresh foods group a european food retailer that operates

Finance

Fresh Foods Group, a European food retailer that operates supermarkets in sewn countries, engaged in the following three transactions during 2008:

(1) Purchased and received inventory costing €678 million on account from various suppliers:

(2) Returned inventory costing €45 million because of damage that occurred during shipment:

(3) Paid the various suppliers the total amount due. Indicate the effects of each of these three transactions on the balance sheet equation. Fresh Foods Group applies IFRS, and reports its results in millions of euros.

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