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$160,000 for delivery on or before March 31 and received a deposit of US$16,000. 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$260,000 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$270,000. 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$1.53
March 17, Year 1	US$1 = C$1.54
May 1, Year 1	US$1 = C$1.56
June 30, Year 1	US$1 = C$1.60
July 31, Year 1	US$1 = C$1.62

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