Can you help me with this please? I previously had interest payable as $$7,590$ and Foreign exchange gain or loss as $$506$ and it was wrong. On April $1,2023,$ Mendoza Company $($a U$.$S$.-$based company$)$ borrowed $506,000$ euros for one year at an interest rate of $5$ percent per annum. Mendoza must make its first interest payment on the loan on October $1,2023,$ and will make a second interest payment on March $31,2024,$ when the loan is repaid. Mendoza prepares U$.$S$.$ dollar financial statements and has a December $31$ year$-$end. Required: Prepare all journal entries related to this foreign currency borrowing, assuming the following exchange rates for $1$ euro: Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Journal entry worksheet $123456$ Record the second interest payment and foreign exchange gain or loss. Note: Enter debits before credits. On April $1,2023,$ Mendoza Company $($a U$.$S$.-$based company$)$ borrowed $506,000$ euros for one year at an interest rate of $5$ percent per annum. Mendoza must make its first interest payment on the loan on October $1,2023,$ and will make a second interest payment on March $31,2024,$ when the loan is repaid. Mendoza prepares U$.$S$.$ dollar financial statements and has a December $31$ year$-$end.

Required:

Prepare all journal entries related to this foreign currency borrowing, assuming the following exchange rates for $1$ euro: Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

$\backslash$begin$\{$tabular$\}\{$lc$\}$

Date & U$.$S$.$ Dollar $\backslash \backslash$

per Euro

$\backslash$end$\{$tabular$\}$

Answer is complete but not entirely correct.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & date & $\backslash$multicolumn$\{2\}\{|$c$|\}\{$General Journal$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & $04/01/2023$ & Cash & $()$ & $556,600$ & $\backslash \backslash$

$\backslash$hline & & Note Payable $($euro$)$ & $($ & & $556,600\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $2$ & $10/01/2023$ & Interest Expense & $$ & $15,180$ & $\backslash \backslash$

$\backslash$hline & & Cash & $2$ & & $15,180\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $3$ & $12/31/2023$ & Interest Expense & $2$ & $7,843$ & $\backslash \backslash$

$\backslash$hline & & Interest Payable $($euro$)$ & $2$ & & $7,843\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $4$ & $12/31/2023$ & Foreign Exchange Gain or Loss & $()$ & $70,840$ & $\backslash \backslash$

$\backslash$hline & & Note Payablo $($ouro$)$ & $()$ & & $70,840\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $5$ & $03/31/2024$ & Interest Expense & $($ & $8,096$ & $\backslash \backslash$

$\backslash$hline & & Interest Payable $($euro$)$ & $\backslash (\backslash$bigcirc $\backslash )$ & $\backslash (7,590\backslash$times $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Foreign Exchange Gain or Loss & $,$ & $\backslash (506\backslash$times $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Cash & $,$ & & $16,192\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $6$ & $03/31/2024$ & Note Payable $($euro$)$ & $(2)$ & $627,440$ & $\backslash \backslash$

$\backslash$hline & & Foreign Exchange Gain or Loss & $2$ & $20,240$ & $\backslash \backslash$

$\backslash$hline & & Cash & $(\backslash ()\backslash )$ & & $647,680\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$