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$130,000 for delivery on or before March 31 and received a deposit of US$13,000. 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$230,000 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$240,000. 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:

January 10, Year 1 US$1 = C$1.29

March 17, Year 1 US$1 = C$1.30

May 1, Year 1 US$1 = C$1.32

June 30, Year 1 US$1 = C$1.36

July 31, Year 1 US$1 = C$1.38

Exchange rates changed evenly between the dates indicated above.

Can you:

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

Jan. 10, Year 1 record receipt of deposit

March 17, year 1 record the sales

May 1, year 1 record the purchase of land

June 30, year 1 record the exchange gain or loss on accounts receivable

record the gain or loss on purchase of land

record the interest expense

July 31, year 1 record the exchange gain or loss on accounts receivable

record the receipt of cash

AND

What value will be disclosed in the notes to the year-end financial statements pertaining to the land purchased in Syracuse?