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

On January $10,$ Gemella agreed to sell equipment to an American customer for US$$260,000$ for delivery on or before March $31$ and received a deposit of US$$26,000.$ The balance is payable on July $31.$

On March $17,$ the equipment was delivered to the American customer.

On May $1,$ Gemella purchased $100$ acres of land in Syracuse, New York, for US$$360,000$ as a long$-$term investment. Fifty percent 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 $6\%.$

On June $30,$ the $100$ acres of land had a market value of US$$370,000.$ Gemella 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.

On July $31,$ the balance owing was received from the American customer.

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

Spot Rates

January $10,$ Year $1$ US$$1=$ C$$1\mathrm{.}65$

March $17,$ Year $1$ US$$1=$ C$$1\mathrm{.}66$

May $1,$ Year $1$ US$$1=$ C$$1\mathrm{.}68$

June $30,$ Year $1$ US$$1=$ C$$1\mathrm{.}72$

July $31,$ Year $1$ US$$1=$ C$$1\mathrm{.}74$

Exchange rates changed evenly between the dates indicated above.

Required:

$($a$)$ Prepare the journal entries for the transactions stated above including year$-$end adjusting entries. $($Round your answers to $2$ decimal places. Omit $ sign in your response.$)$

Date General Journal Debit Credit

January $10,$ Year $1$

$($Click to select$)$

$($Click to select$)$

Record receipt of deposit.

March $17,$ Year $1$

$($Click to select$)$

$($Click to select$)$

$($Click to select$)$

Record the sales.

May $1,$ Year $1$

$($Click to select$)$

$($Click to select$)$

$($Click to select$)$

Record the purchase of land.

June $30,$ Year $1$

$($Click to select$)$

$($Click to select$)$

Record the exchange gain or loss on Accounts receivable.

$($Click to select$)$

$($Click to select$)$

Record the exchange gain or loss on purchase of land.

$($Click to select$)$

$($Click to select$)$

$($Click to select$)$

Record the interest expense.

July $31,$ Year $1$

$($Click to select$)$

$($Click to select$)$

Record the exchange gain or loss on Accounts receivable.

$($Click to select$)$

$($Click to select$)$

Record the receipt of cash.

$($b$)$ What value will be disclosed in the notes to the year$-$end financial statements pertaining to the land purchased in Syracuse? $($Omit $ sign in your response.$)$

Value of land disclosed in the notes to the financial statements $