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:

1. On January 10, Gemella agreed to sell equipment to an American customer for US$300,000 for delivery on or before March 31 and received a deposit of US$30,000. The balance is payable on July 31.
2. On March 17, the equipment was delivered to the American customer.
3. On May 1, Gemella purchased 100 acres of land in Syracuse, New York, for US$400,000 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%.
4. On June 30, the 100 acres of land had a market value of US$410,000. 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.
5. 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$1.39
March 17, Year 1	US$1 = C$1.40
May 1, Year 1	US$1 = C$1.42
June 30, Year 1	US$1 = C$1.46
July 31, Year 1	US$1 = C$1.48

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.)

Date	General Journal	Debit	Credit
January 10, Year 1	(Click to select) Receivable from bank Equipment Exchange gains and losses Accounts receivable Inventory Purchase Land Notes receivable Cash
	(Click to select) Accounts payable Notes payable Sales Interest receivable Deferred revenue Exchange gain Loan payable Bills payable Payable to bank
	Record receipt of deposit.
March 17, Year 1	(Click to select) Receivable from bank Equipment Accounts receivable Land Inventory Notes receivable Purchase Cash
	(Click to select) Interest receivable Deferred revenue Notes payable Payable to bank Exchange gain Bills payable Accounts payable Sales Loan payable
	(Click to select) Accounts payable Bills payable Sales Loan payable Exchange gain Interest receivable Payable to bank Deferred revenue Notes payable
	Record the sales.
May 1, Year 1	(Click to select) Inventory Accounts receivable Land Exchange loss Receivable from bank Notes receivable Purchase Equipment
	(Click to select) Loan payable Bonds Interest receivable Bills payable Cash Exchange gain Sales
	(Click to select) Exchange gain Loan payable Sales Interest receivable Bills payable Deferred revenue Accounts payable Payable to bank
	Record the purchase of land.
June 30, Year 1	(Click to select) Accounts receivable Equipment Inventory Purchase Exchange loss Land Receivable from bank Notes receivable
	(Click to select) Interest receivable Notes payable Payable to bank Sales Accounts payable Loan payable Bills payable Exchange gain
	Record the exchange gain or loss on Accounts receivable.
	(Click to select) Equipment Receivable from bank Notes receivable Accounts receivable Exchange loss Land Inventory Purchase Accounts payable
	(Click to select) Bills payable Payable to bank Accounts payable Interest receivable Loan payable Exchange gain Sales
	Record the exchange gain or loss on purchase of land.
	(Click to select) Equipment Accounts receivable Notes receivable Receivable from bank Purchase Land Interest expense Inventory
	(Click to select) Inventory Cash Accounts receivable Exchange loss Notes receivable Purchase Equipment Receivable from bank Land
	(Click to select) Notes payable Sales Forward contract Bills payable Accounts payable Loan payable Exchange gain Interest receivable Interest payable
	Record the interest expense.
July 31, Year 1	(Click to select) Receivable from bank Purchase Equipment Land Inventory Accounts receivable Notes receivable Exchange loss
	(Click to select) Accounts payable Loan payable Exchange gain Notes receivable Interest receivable Bills payable Accounts receivable Notes payable
	Record the exchange gain or loss on Accounts receivable.
	(Click to select) Inventory Accounts payable Cash Receivable from bank Accounts receivable Notes receivable Equipment Land Purchase
	(Click to select) Cash Accounts payable Accounts receivable Exchange gain Sales Loan payable Bills payable Interest receivable Notes payable
	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 $