Floral Gardens Incorporated is a nationwide chain of garden centres that operates as a private company. In $2023,$ it issued three new financial instruments. All three of these instruments are new to you $($in your role as controller$),$ and you are working on determining how they are to be accounted for under IFRS. The first financial instrument was a loan. On January $1,2023,$ the company borrowed $$4\mathrm{.}5$ million from a key shareholder at a rate of $3\%,$ at a time when the market rate of interest was $5\%.$ In order to convince the shareholder to lend the money to the company at a rate lower than the market rate of interest, the company agreed that, in five years, the shareholder would have the option of either accepting full repayment of the debt, or receiving $500,000$ shares in the company. The second financial instrument was one that you benefited from. The company gave its $10$ key management employees a compensatory stock option plan for the first time. The purpose was to increase remuneration for key employees at a time when financial constraints were making it difficult to increase salaries. The plan allowed the key employees to purchase $5,000$ options $($each$)$ to buy shares for $$43$ each when they were generally considered to be worth $$86.$ The options were granted on January $1,2023,$ and could be exercised at the end of the year or any time in the next two years. Total compensation expense was estimated to be $$473,000,$ and the expected period of benefit was one year beginning on the grant date. No other management employees exercised their options during the year, but you exercised all of your options on December $31,2023.$ The final new transaction that you have to determine how to account for is a forward contract. The company had not used these before, but as the Canada$/$U$.$S$.$ exchange rate had been very good toward the end of the year, the company decided to enter into a forward contract to purchase U$.$S$.$ currency $($on December $15,2023).$ The company agreed to buy $$6\mathrm{.}3$ million in U$.$S$.$ currency for $$6,363,000($U$.$S$.$ $$1=$ Canadian $$1\mathrm{.}01)$ from Foreign Currency Inc. using a $90-$day forward contract. Any changes in value of the Canadian dollar would be transferred to Floral Gardens. On December $31,2023,$ the U$.$S$.$ dollar strengthened in relation to the Canadian dollar, and the new value was U$.$S$.$ $$1=$ Canadian $$1\mathrm{.}02.$ Assume that the fair value of the contract was $$50,000$ at December $31,2023$

Prepare all the $2023$

journal entries to account for the three financial instruments under IFRS. For the first item, show calculations using any of the following methods: $(1)$ factor tables, $(2)$ Excel function PV$.$ Use the amount arrived at using factor tables for subsequent calculations and round to the nearest dollar