I need assistance with some journal entries and the effective cost of borrowing for each year

On September 30, 2020. Peace Frog International (PFI) (a U.S.-based company) negotiated a two-year, 3,500,000 Chinese yuan loan from a Chinese bank at an interest rate of 4 percent per year. The company makes interest payments annually on September 30 and will repay the principal on September 30,2022 . PFI prepares U.S. dollar financial statements and has a December 31 year-end. Relevant exchange rates are as follows: a. Prepare all journal entries related to this foreign currency borrowing. b. Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in U.S. dollars on the loan in each of the three years 2020,2021 , and 2022. Prepare all journal entries related to this foreign currency borrowing. (Do not round intermediate calculations. If no entry required for a transaction/event, select "No journal entry required" in the first account field.). \begin{tabular}{|l|l|l|} \hline 6 & 12/31/2021 & Foreign exchange loss \\ \hline & & Note payable (CNY) \\ \hline & & \\ \hline 7 & 09/30/2022 & Foreign exchange loss \\ \hline & & Interest payable (CNY) \\ \hline & & Interest expense \\ \hline & & \\ \hline 8 & 09/30/2022 & Note payable (CNY) \\ \hline & & Foreign exchange loss \\ \hline & & Cash \\ \hline \end{tabular} Taking the exchange rate effect on the cost of borrowing into consideration, determine the effective interest rate in U.S. dollars on the loan in each of the three years 2020, 2021, and 2022. (Do not round intermediate calculations.)