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7. On February 13 2013 Microchip Inc. a US company borrows 1 million Euro on a one- year note at a per annum interest rate

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7. On February 13 2013 Microchip Inc. a US company borrows 1 million Euro on a one- year note at a per annum interest rate of 9%. Interest is payable and the note comes due on February 13 2014. The following exchange rates apply. Date 13 Feb 2013 31 Dec 2013 13 Feb 2014 EUR per USD 1.65 1.55 1.67 Please prepare the related journal entries in the year 2013 and 2014. *

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