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 $$240,000$ for delivery on or before March $31$ and

received a deposit of US $$24,000.$ 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 $$340,000$ 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 $$350,000.$ 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 $1$:

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.$)$

$($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