On September $30,2023,$ Peace Frog International $($PFI$)($a U$.$S$.-$based company$)$ negotiated a two$-$year, $2,700,000$ Chinese yuan loan from a Chinese bank at an interest rate of $4$ percent per year. The company makes interest payments annually on September $30$ and will repay the principal on September $30,2025.$ PFI prepares U$.$S$.$ dollar financial statements and has a December $31$ year$-$end. Relevant exchange rates are as follows:

Date U$.$S$.$ Dollar per Chinese Yuan $($CNY$)$

September $30,2023$ $ $0\mathrm{.}160$

December $31,20230\mathrm{.}165$

September $30,20240\mathrm{.}180$

December $31,20240\mathrm{.}185$

September $30,20250\mathrm{.}210$

Required:

A$.$ Prepare all journal entries related to this foreign currency borrowing:

$1.$ Record the receipt of $2,700,000$ million yuan note.

$2.$ Record the accrued interest for the period $09/30/202312/31/2023.$

$3.$ Record to revalue the note payable at the spot rate, and record the foreign exchange gain or loss thereof.

$4.$ Record the first annual interest payment, record interest expense for the period $01/01/202409/30/2024,$ and record a foreign exchange gain or loss on the interest payable accrued at $12/31/2023.$

$5.$ Record the accrued interest for the period $09/30/202412/31/2024.$

$6.$ Record to revalue the note payable at the spot rate, and record the foreign exchange gain or loss thereof.

$7.$ Record the second annual interest payment, record interest expense for the period $01/01/202509/30/2025,$ and record a foreign exchange gain or loss on the interest payable accrued at $12/31/2024.$

$8.$ Record the payment of $1$ million yuan note.