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$190,000 for delivery on or before March 31 and received a deposit of US$19,000. 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$290,000 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$300,000. 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$1.54
March 17, Year 1	US$1 = C$1.55
May 1, Year 1	US$1 = C$1.57
June 30, Year 1	US$1 = C$1.60
July 31, Year 1	US$1 = C$1.63

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