Question: QUESTION 4 BELOW IS WORTH 10 POINTS IN TOTAL On October 31, 2017, Perry Company negotiated a two-year 100,000 franc loan from a foreign bank

QUESTION 4 BELOW IS WORTH 10 POINTS IN TOTAL On October 31, 2017, Perry Company negotiated a two-year 100,000 franc loan from a foreign bank at an interest rate of 3 percent per year. Interest payments are made annually on October 31, and the principal will be repaid on October 31, 2019. Perry prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following: October 31, 2017 December 31, 2017 October 31, 2018 December 31, 2018 October 31, 2019 Franc Rate $0.50 $0.55 $0.62 $0.67 $0.75

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