On November 30, 2021, Tarling Company negotiated a one-year 280.000-franc loan from a foreign bank at...
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On November 30, 2021, Tarling Company negotiated a one-year 280.000-franc loan from a foreign bank at an interest rate of 3% per year. Interest payment is made at maturity date on November 30, 2022, and the principal will be repaid on November 30, 2022 Tarling prepares US-dollar financial statements and has a December 31 year-end Relevant exchange rates are as follows: Date November 30, 2021 December 31, 2021 November 30, 2022 U.S. Dollar per Franc $0.46 $0.48 SO 44 Required: Prepare all journal entries related to this foreign currency borrowing On November 30, 2021, Tarling Company negotiated a one-year 280.000-franc loan from a foreign bank at an interest rate of 3% per year. Interest payment is made at maturity date on November 30, 2022, and the principal will be repaid on November 30, 2022 Tarling prepares US-dollar financial statements and has a December 31 year-end Relevant exchange rates are as follows: Date November 30, 2021 December 31, 2021 November 30, 2022 U.S. Dollar per Franc $0.46 $0.48 SO 44 Required: Prepare all journal entries related to this foreign currency borrowing
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