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Can someone help me please On 1 May 20X9. All-Man Imports LId. (AML) obtained a five-year loan from a major New York bank. The loan
Can someone help me please
On 1 May 20X9. All-Man Imports LId. (AML) obtained a five-year loan from a major New York bank. The loan is for US\$20,000,000, bears interest at 6% per annum (paid annually on the ioan anniversary date), and matures on 31 December 2014. AML reports in Canadian dollars. At the date the note was issued, the exchange rate was US\$1.00 =Cdn$0.99. On 31 December 209, the exchange rate was US\$1.00 =Cdn\$0.95, and the average exchange rate for the last 8 months of the year was US\$1.00 =Cdn$0.98 Required: 1. Prepare the journal entry to record the loan on 1 May 20X9. (If no entry is required for a transoction/event, select "No journal entry required" in the first occount field.) (1) Record the loan granted. 2-a. What amounts relating to the loan will appear on AML's statement of financial position on 31 December 209 ? (Do not round intermediate calculations.) 2-b. What amounts are included in earnings for 209? (Do not round intermediate calculations.) Step by Step Solution
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