Fraser Ltd. manufactures restaurant equipment for sale throughout Canada and the United States. Its year-end is June 30. The following foreign currency transactions occurred during the Year 1 calendar year:

1. On January 10, Fraser agreed to sell equipment to an US customer for US$240,000 for delivery on or before March 31 and received a deposit of US$24,000. The balance is payable on July 31.
2. On March 17, the equipment was delivered to the US customer.
3. On May 1, Fraser purchased 240 acres of land in Watertown, New York, for US$340,000 as a long-term investment. 50% of the purchase price was paid on May 1. The balance is due on May 1, Year 2, along with interest at the rate of 6%.
4. On June 30, the 240 acres of land had a market value of US$350,000. Fraser reports its long-term investments in land at historical cost and discloses the market value of the land in the notes to its financial statements.
5. On July 31, the balance owing was received from the US customer.

The following spot rates exist during the period January to July, Year 1:

DateSpot RatesJanuary 10, Year 1US$1 = C$1.51March 17, Year 1US$1 = C$1.59May 1, Year 1US$1 = C$1.61June 30, Year 1US$1 = C$1.65July 31, Year 1US$1 = C$1.78

Exchange rates changed evenly between the dates indicated above.

Required: Prepare the journal entries for the transactions stated above including year-end adjusting entries.