On April $1,2023,$ Mendoza Company $($a U$.$S$.-$based company$)$ borrowed $514,000$ euros for one year at an interest rate of $5$ perce

annum. Mendoza must make its first interest payment on the loan on October $1,2023,$ and will make a second interest payment $0$

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.On April $1,2023,$ Mendoza Company $($a U$.$S$.$based company$)$ borrowed $514,000$ 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.

Date U$.$S$.$ Dollar per Euro

April $1,2023$ $ $1\mathrm{.}10$

October $1,20231\mathrm{.}20$

December $31,20231\mathrm{.}24$

March $31,20241\mathrm{.}28$